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27 Dec, 2020 08:17

Bitcoin smashes $27,000 ceiling less than 24 hours after passing $26,000

Bitcoin smashes $27,000 ceiling less than 24 hours after passing $26,000

The world’s premier cryptocurrency, bitcoin, has set another all-time record, surging past $27,000 after blowing through a previous milestone less than 24 hours earlier, and days after it hit the much-anticipated $25,000-mark.

It is currently trading at about $27,600, according to CoinMarketCap.

The world’s most popular digital currency has seen a day-on-day surge of over eight percent, signaling a more bullish momentum that may push it to a whopping $30,000 and beyond. Bitcoin's market capitalization also surpassed $500 billion for the first time, putting the cryptocurrency just a little under Warren Buffett’s Berkshire Hathaway, the world’s tenth biggest corporation.

READ MORE: Bitcoin resumes rally as investors new to the crypto game pile in – data analysis

The latest epic rally that has doubled the cryptocurrency’s price started in early November, and bitcoin’s year to date gains have soared by more than 270 percent. It passed the psychologically key mark of $20,000 on December 16.

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Bitcoin was launched in 2009 and was the first cryptocurrency to use a decentralized blockchain-based network, enabling secure peer-to-peer transactions.Back then, the world-leading asset was worth less than a dollar per token. 

In 2017, it saw its first notable surge to $20,000, but the digital currency lost about 80 percent of its value over the following months. The current bull cycle is expected to be different and more sustainable than in 2017, with many traders expecting more upside over the coming months.

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