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Bitcoin Reaches New 2020 High As Bulls Smell a Repeat of 2017 Craze

The price of Bitcoin has hit a new yearly high in the hours leading up to press time. Bitcoin (BTC) traded at a $12,881 price, basking in the euphoria of news that payments giant, PayPal will now allow its over 346 million users to buy and sell cryptocurrencies.

Bitcoin 2020 Performance

Bitcoin YTD (Source: CoinMarketCap)

The latest price increase means that Bitcoin has yielded an over 70% profit for investors year-to-date (YTD), and many bullish investors are eyeing a repeat of the 2017 craze that pushed the price of within fringes of $20,000 within the space of a few days.

Has 2020 Been The Bitcoin Year?

Bitcoin’s latest yearly high may still be a couple of thousands away from its previous all-time high. However, the cryptocurrency has witnessed a period of remarkable growth since the turn of the year.

With the global pandemic and uncertainty forcing central banks around the world to inflate national currencies to keep the economy afloat, Bitcoin has found a use-case for many retail and corporate investors looking to diversify or hedge their portfolio.

Although Bitcoin hit rock bottom alongside other assets at the peak of the COVID-19 saga in March, the digital asset rebounded beautifully and has since been on the uptrend.

The Bitcoin block reward halving in May reduced Bitcoin’s monetary supply at a time when global currencies were being inflated. Additionally, a number of large corporations, including MicroStrategy, Square, and recently Mode adopted Bitcoin as part of their reserve asset.

Throughout the year, there has also been a substantial increase in demand from retail investors using Square’s Cash App and Grayscale’s flock of institutional investors.

Therefore, there are good reasons behind Bitcoin’s move from $7200 to the brink of $13,000 within the last ten months, and maybe the cryptocurrency is prepared for another shot at revisiting its previous all-time high.  The last shot in July 2019. ended near $13,000, and many holders will like to believe that the party is just getting started.

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