Bitcoin Hits All-Time High of $31,000 Before Dipping to Under $30,900
Sputnik / Evgeny BiyatovBusiness12:23 GMT 02.01.2021(updated 16:19 GMT 02.01.2021) Get short URLby Evgeny Mikhaylov233Subscribehttps://cdn1.img.sputniknews.com/img/106153/24/1061532418_0:159:3076:1889_1200x675_80_0_0_941a3f1e74f7017d3ed5d8c480f36cd9.jpgSputnik Internationalhttps://cdn2.img.sputniknews.com/i/logo.pngEvgeny Mikhaylov. Sputnik Internationalhttps://sputniknews.com/business/202101021081631660-bitcoin-hits-all-time-record-high-of-30000/
The cryptocurrency has broken all-time records since the beginning of December, its price surging past its 2017 results, amid the weakening of the US dollar.
Bitcoin spiked to over $32,000 on Saturday, rallying almost 10 percent to yet another record high within hours after hitting the $30,000 psychological watershed.
According to CoinMarketCap website, which calculates the average off more than 20 exchanges, the cryptocurrency was trading at $31,862 by 16:09 GMT. Binance, a major crypto exchange, had the world’s most popular cryptocurrency reach $32,169.
Earlier in the day, Bitcoin reached a new high, trading at $30,000 on Saturday. CoinMarketCap stated that at 12:21 GMT Bitcoin grew 2.50 percent to $30,094 US, while on Binance, the largest crypto exchange by transaction volume, it gained 2.85 percent, reaching $30,145.
Later in the day, the price surpassed $31,000, but then fell back to $30,900.
The cryptocurrency reached $19,650 in December 2017 and then lost most of its value, falling below $4,000 in November 2018. However, it started regaining ground over the past years.
REUTERS / Dado RuvicRepresentations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020.
Launched in 2009, Bitcoin was the first cryptocurrency to use a decentralised blockchain-based network. At the moment, it accounts for approximately 71 percent of the world’s rising cryptocurrency market. Its value is based on a “mining” process, so BitCoin is not subject to any central bank policies or regulations.