Bitcoin continues to trade near all-time high

The last time Bitcoin approached $20,000, three years ago in December, it crashed majorly, losing a quarter of its value during a single day

The price of Bitcoin has hit a record high of almost $20,000 for the first time since 2017 when the cryptocurrency hit $20,052 (£15,025).

One Bitcoin was worth $19,850.11 (£14,880, €16,440) on the afternoon of Monday November 30 , but by the evening its value fell back to about $19,223.

Bitcoin continues to trade near to its all-time high this morning, December 1, priced between $19,300 and $19,500 on all major exchanges.

The cryptocurrency’s overall market cap also reached record highs, reaching above $360bn for the first time in its history, making Bitcoin the 18th most valuable asset in the world, moving ahead of the world’s largest investment bank, JPMorgan Chase.

The last time Bitcoin approached $20,000, three years ago in December, it crashed majorly, losing a quarter of its value during a single day before plunging below the $4,000 mark in late 2018. 

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During 2020, the value of the cryptocurrency has risen by about 170 per cent. On Monday it rose by only six per cent but its price had increased by $2,000 since Friday, November 27. 

Other major cryptocurrencies including Ethereum, Ripple and Bitcoin Cash are also increasing in value, yet remain a long way from their record highs.

FURTHER READING: Bitcoin climbs to all-time high

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