Bitcoin has made it to the headlines once again for its soaring value. It is now trading well at a whopping price of $20,000, thereby surpassing it’s last peak value.
Over the past two months, the value of Bitcoins have been increasing drastically. As of October, individuals could buy bitcoins for $11,500 each. However, the value now stands at $20,775.72, showing a massive increase of 7.27% as compared to its yesterday’s price. It is interesting to note that the price keeps changing every hour. The current valuation shows more than $20,000 on almost every major exchange.
Value of bitcoins crosses surpasses $20K, similar to 2017 bitcoin frenzy
In 2017, there was a bitcoin frenzy wherein it’s price reached $20,000. However, it crashed shortly after. While many people are skeptical about investing in bitcoins owing to the 2017 crash, the situation this year is quite different. This year, due to the economic setback, several institutional investors are in the lookout for alternate assets; bitcoins being one of them.