Bitcoin soars above $ 19,000 and approaches report value
A visual representation of Bitcoin.
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Bitcoin climbed above $ 19,000 on Tuesday as the world's most famous cryptocurrency continued to surge in 2020.
Bitcoin price traded $ 19.207 up 4.25% for the session, according to industry site CoinDesk.
Bitcoin was in jeopardy in 2020, rising over 150% in one jump. Crypto enthusiasts have unprecedented monetary and fiscal incentives in response to the Covid-19 crisis, as well as the interest of big-name investors like Paul Tudor Jones and Stanley, attributing to Printmiller.
It is now nearing the all-time high of $ 19,783 recorded during a December 2017 rally that saw the values of several cryptocurrencies soar. After that milestone was reached, the bubble burst and Bitcoin fell to $ 3,122 the following year.
But many crypto fans claim it will be different this time. They have welcomed big leaps in the industry from Fidelity Investments, Square and PayPal.
PayPal recently started letting its users buy, hold and sell virtual currency. The payment giant is set to enable crypto shopping early next year.
Bitcoin rose above $ 15,000 on November 5 and above $ 18,000 on November 19. The market value of Bitcoin, calculated by multiplying the total number of Bitcoins in circulation by the price, is now $ 355.9 billion, above the $ 331.8 billion in December 2017, according to CoinDesk.
The total number of bitcoins ever produced is capped at 21 million. The cryptocurrency saw a key technical event in the spring known as the "halving". The number of Bitcoins rewarded to the so-called "miners" who record Bitcoin transactions in their public ledger has been halved.
– CNBC's Ryan Browne contributed to this story.