Bitcoin price ROCKETS: Cryptocurrency price breaks through $20,000 barrier for first time

Bitcoin’s price has increased by more than five percent over the past 24 hours, according to crycptocurreny website Coin Desk.

The world’s most popular cryptocurrency, whose price has suffered wild fluctations in the past, has enjoyed a stellar 2020 as it continues its path to becoming a mainstream payment method.

It has gained more than 170 percent this year, pushed by demand from larger investors attracted to its potential for quick gains and purported resistance to rising inflation.

Bitcoin’s surge has seen a spoke in the amount of the cryptocurrency moving into North America and East Asia, and has become popular with bigger and compliance-wary US investors. 

Several investors, particularly hedge funds and family offices, have historically avoided Bitcoin because of the opaque nature of the cryptocurrency market.

But the use of cryptocurrency has become an increasingly trustworthy form of payment due, especially since a tighetning of the industry in the US.

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