Bitcoin has been in the bull market for quite some time now and it was expected to reach its all-time high soon. Just now, Bitcoin surges above $19K and reaches $19,864.15, which means it broke its all-time high record of December 2017. During that time, Bitcoin price had reached a $19,783.21 level.
The bullish predictions of many analysts are coming true as they were hoping for the Bitcoin price to reach the $20k mark. As Bitcoin surges above $19K, it is continuing its bullish rally to reach $20K.
As Bitcoin surges above $19K, it has gained more than 170% in 2020. One of the major reasons behind this is the interest that institutional investors are showing in Bitcoin. The COVID-19 pandemic has also contributed to this, to some extent. This is because people have started moving towards crypto, especially Bitcoin by leaving their traditional money behind.
Several payment giants like PayPal and Square have recently extended their support for Bitcoin which has also contributed to this bullish rally. Sergey Nazarov, the co-founder of Chainlink, has said that people have started seeing Bitcoin as a safe haven now.
With the recent surge in Bitcoin price, it is quite clear that people have started showing more interest in Bitcoin. Bitcoin investors have started seeing it as a new light, having the capability of dealing with the crisis. There are several reports that many people are liquidating their holdings in Gold for Bitcoin, which indicates that Bitcoin is Gold 2.0. There are many predictions that in the coming future, Bitcoin will be able to surpass Gold and its price might reach $500,000. The reason being the scarcity of Bitcoin as it is having a limited supply that cannot be extended.