After three years of anticipation, Bitcoin enthusiasts can celebrate a new record after the first cryptocurrency traded at more than $19,900 on Monday morning, breaking the previous all-time high that was set in December 2017.
Long-term Bitcoin investors have gone through more than one bearish market run. For recent crypto market participants, the record represents a validation of their investment choice as the cryptocurrency continues to show steadfastness.
“The significance of a new record high in dollar price can’t be underestimated,” noted Kevin Kelly, one of the founders of Delphi Digital. “Many sceptics have harshly denounced Bitcoin for not managing to reach a new hight despite having a favourable macroeconomic condition. This is yet another testament to Bitcoin’s potential.”
The favourable conditions include, partly, an unseen era of spending by the central banks around the world to counter the pandemic-induced economic shutdown. Many Bitcoin investors perceive the digital asset as a way to safeguard their assets against potential inflation from these loose monetary policies.
The data shows that, year to date, Bitcoin has increased by 168%. Since its yearly low in March, after dipping more than 50% in a single day, Bitcoin has steadily rallied by more than 400%.
Crypto experts view the ongoing rally as healthy and ready to go even further as institutional and retail money continually flows into Bitcoin. Well established payment giants like Square and PayPal, for instance, continue funnelling retail assets into the Bitcoin network.
