By Tobi Loba
After three years of waiting, Bitcoin (BTC), the largest cryptocurrency by market cap, has finally reached its price milestone. The last all-time high was attained in December 2017.
Bitcoin (BTC) Breaks Its Price All-Time High Record
The long years of waiting for Bitcoin (BTC) to record a new all-time high finally ended a few hours ago after the leading digital currency managed to break above its previous milestone recorded in December 2017.
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According to Bitstamp, BTC attained $19,660 a few hours ago.
The last three years were filled with different price movements and shockers. Bitcoin underwent a prolonged bear market in 2018. This unfavorable trend made many experts declared Bitcoin (BTC) dead on several occasions.
Notably, this bear market brought altcoins down to the shadow of their former price highs. Most of the altcoins in existence back then lost about 90% and more of their dollar values.
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In 2019, the price trend of digital assets, especially Bitcoin, raised the hope of many traders and investors in the cryptocurrency ecosystem. This positive trend took the price of Bitcoin closer to breaking above $14,000 in June. But this ended in another disappointing price dip.
The bear market continued until Bitcoin bottomed around $3,800 in March 2020, following the outbreak of Covid-19. However, the leading digital token has not relented from surging since the bottom was reached in March.
Institutional Interest Helped Bitcoin in a Coronavirus Ravaged Year
2020 is a historic year, due to the negative impact which Covid-19 has on every aspect of human activities around the world.
Despite the fact that the year has been obviously ravaged by the pandemic, which also briefly affected Bitcoin (BTC), the institutional adoption has made it a glorious year for the digital currency.
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Although 2020 is not yet over, Bitcoin is currently charting massive increases, especially if we take the yearly lows as a reference point. Up more than 400% since the Coronavirus-induced crash in March, the crypto asset shows no signs of slowing down.
Considering the interest of large and institutional investors such as Grayscale, Guggenheim Fund, PayPal, among others, this current uptrend may not end like the retail-induced rally of 2017.
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