Bitcoin scales fresh high of $30,850 after gaining over 300% in 2020

Bitcoin price soared over $30,000 mark as the price hit a new all-time high of $30,850.15 during the intraday on January 2, as per CoinDesk’s Bitcoin Price Index valuing it at $568.66 billion.

Bitcoin has gained more than 300 percent or $21,753 in 2020.

The virtual currency was developed by Satoshi Nakamoto in 2009 based on blockchain technology that allows the digital transaction to be recorded and distributed but not to be edited according to Investopedia.

Plunging interest rates and massive bond-buying programmes by central banks across the world have increased demand for the cryptocurrency, seen by some investors as a hedge against inflation due to its capped supply and benefited from the coronavirus pandemic.

Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership, a Reuters report said.

According to Coindesk exchange, the total supply of Bitcoin is 18.59 million and has 30-day volatility of 0.56.

(With inputs from Agencies)

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