The Bitcoin (BTC) rate set a new record on Monday afternoon and passed the $19,800 mark.
The previous all-time high stood at $19,666 and dates from December 2017.
The cryptomint has never been at a higher level on the Bitstamp chart, which is the standard for the market.
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Bitcoin market value
This brings the total market value of the crypto currency to USD 366 billion, while bitcoin dominance is around 64%. The total bitcoin market is now 4.5% of the total gold market.
The cryptomint is in the process of an impressive rally in 2020. The starting price of 2020 was $7,200, after which there was a huge dip during Black Thursday on 12 March. The price then briefly went up to $3,850.
Since the halfway point on 11 May, the price has been on the rise continuously, with the exception of a significant correction in September when the price dropped from $12,000 to $10,000. After the summer, more and more companies announced that they had bought or were considering Bitcoin.
One stone in the pond was PayPal, the listed payment giant with around 200 million active accounts. They started selling and storing Bitcoin this month. Although PayPal is a central party, which is not in line with Bitcoin’s decentralized philosophy, it meant a huge ‚boost‘ for the market.
The Bitcoin network is also fundamentally sound. Today, it has become known that the level of difficulty has increased by almost 9%. The integration of the Taproot privacy layer is also progressing well: a large proportion of the connected miners accept the protocol modification.
Bitcoin was created in 2008 by the anonymous person (or group) Satoshi Nakamoto.
It is scarce, hard money that acts as a means of payment and saving without the intervention of a third party such as a bank or state. Bitcoin has a well-defined monetary system, with zero inflation over time.