Bitcoin’s price (BTC) soared past $34,000 for the first time ever early Sunday morning, continuing the record-setting holiday surge and applying an instant exclamation point to the 12-year anniversary of the Bitcoin Network.
Bitcoin, the leading cryptocurrency, had sliced through $34,000like a light saber through gossamer, a fabulous start to the year.
Having quadrupled in value through 2020, Bitcoin started 2021 strongly by hitting the $30,000 threshold for the first time, less than three weeks after first trading over $20,000.
The favorable background involves, in part, an unparalleled period of spending by central banks around the world to help fight the pandemic-induced economic slowdown. Some Bitcoin holders view the crypto currency as a buffer against the possible inflation of this loose monetary policy.
Year to date, Bitcoin has risen by 167 percent. Since its annual lows in March, despite crashing more than 50 percent in a single day, Bitcoin has crossed more than 400 percent.
There are more than 18m bitcoins are available in market, generated by miners that provide the computing power underpinning the blockchain that tracks transactions made using bitcoin. The machine has a hardwired limit of 21m coins on it.