After much hype and speculation, bitcoin has finally jumped above $20,000 to reach fresh all-time highs. The most widely traded cryptocurrency in the world cleared the critical psychological threshold just as the US opened for trading. This would put the 24-hour rally at over 5%.
Bitcoin has spent the last few months gaining traction from institutional investors and commercial ventures. News that payments services like Paypal and Square would offering purchases and sales of different cryptocurrencies to users of its service helped the coin double in value over the last three months. Unlike the 2017 rally where tokens lack utility, growing infrastructure allowing customers and merchants to conduct sales transactions using cryptocurrency is a vital part of creating real demand. Also, news that the US will sign the next trillion dollars fiscal stimulus package has investors worried about the debasing of fiat currency. While it is still too early to start, talking $100k bitcoin took a brave first step.