Bitcoin trading close to $27,000 mark, its all time high

Bitcoin, the world's most popular cryptocurrency, has hit the $ 26,000 level to set an all-time record high on Saturday. Now, the cryptocurrency is trading very close to the next $ 27,000 mark. Bitcoin was trading at $26,900 at 7:13 A.M., as per the Indian time. According to CoinMarketCap, an aggregator that compiles data from more than 20 brokers, Bitcoin has risen over 8% over the preceding 24 hours. With these gains, the largest cryptocurrency of the world has risen by 271% year to date.

Bitcoin smashed through $20,000 for the first time on December 16, its highest ever. Bitcoin, worth less than $1 back in 2010 when it was touted as currency for purchases, is now amassing proponents who argue that its strictly controlled supply and wider investor base show it’s become a store of value. Critics, however, say this year’s rally is a bubble that can’t be supported by claims that digital assets should diversify portfolios and take flows from gold.


Source: livemint.com