Bitcoin surges over $30,000

Bitcoin surges over $30,000

This marked an end to a trend of severe underperformance against Bitcoin that has plagued the cryptocurrency for quite some time.

Of course, cryptocurrencies are going to be even bigger news this year, and Bitcoin isn't the only one to show interest in.

Its ascent could also be attributed an announcement by PayPal in October which granted crypto traders the ability to buy and sell Bitcoin and other virtual currencies using their PayPal accounts. Ethereum, the second biggest, gained 465 per cent in 2020 and was up nearly 7 per cent on Saturday.

Bitcoin advanced more than 300 per cent in 2020, and with the latest leg higher has added more than 50 per cent since crossing $20,000 just two weeks ago. And, just like real currencies, their value is impacted by world events.

Bitcoin has increasingly been "embraced in more global investment portfolios as holders expand beyond tech geeks and speculators", Bloomberg Intelligence commodity strategist Mike McGlone wrote in a note last month. Bitcoin not only came out unscathed from the coronavirus pandemic but also continues to create new ATHs, a testimony to the increasing amount of trust it enjoys in the eyes of institutional investors and alike. "Investors are looking at Bitcoin with a medium to long term outlook and won't be panic selling if they see the price drop - they can appreciate the long term value in this unique asset". However, the meteoric rise in value seen over the last year and the beginning of this year, might hint that a major correction is on the horizon - similar to what happened at the turn of the year in 2017/18.

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