BITCOIN HITS $27,000 SETTING YET ANOTHER ALL-TIME RECORD HIGH

Sun 27 December 2020:

Bitcoin, the largest cryptocurrency, is on a record-breaking spree. It smashed through $27,000 for the first time on Sunday, its highest valuation ever.

On Binance, the largest cryptocurrency exchange by trading volume, Bitcoin was selling at $27,248 at around 6 a.m. GMT. It also posted a 24-hour high of $27,555.

According to CoinMarketCap, an aggregator that compiles data from more than 20 brokers, Bitcoin was trading at $27,232 as of 09:05 GMT, a 9.85 percent increase over the preceding 24 hours, Sputnik reported.

From $26,000 on Saturday, Bitcoin has gained nearly 11% in value.

The total market volume exceeded half a trillion, reaching $507.1 billion. Its market volume has jumped by $46 billion in the last 24 hours.

Binance, sharing a statement on its Twitter account, said Bitcoin hit $24,000 on Dec. 24th, $25,000 on the 25th, $26,000 on the 26th and $27,000 on the 27th and that the cryptocurrency will “continue (the trend).”

Bitcoin smashed through $20,000 for the first time on Dec. 16, it’s then-highest ever.

It has gained more than 170% this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported resistance to inflation and expectations it will become a mainstream payment method.

Bitcoin’s blistering rally has seen a massive flow of coin to North America from East Asia, fueled by a hunger for bitcoin among bigger and compliance-wary U.S. investors.

The rally in bitcoin, which some investors have seen as a potential safe haven, has coincided with spot gold’s drop in recent months.

Bitcoin was launched in 2009, as the first cryptocurrency to use a decentralized blockchain-based network, which allows secure peer-to-peer transactions. Its value is based on a “mining” process, and the currency is not subject to any central bank policies or regulations.