Bitcoin breaks above $20,000 for first time in the history of the world’s most popular cryptocurrency

On the first day of this month, we wrote about bitcoin after the world’s most popular cryptocurrency defied gravity and surged to a record $19,800, topping 2017 high. This is not a small feat.

Today, bitcoin achieved a new milestone since the cryptocurrency came into existence in 1999. For the first time, Bitcoin smashed through $20,000 on Wednesday, its highest since January 3, 2009, when Satoshi Nakamoto mined the genesis block of bitcoin. The digital currency jumped 4.5% to move as high as $20,440.

So far this year, bitcoin has gained more than 170% this year, lifted 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.

For those who have been following bitcoin, this is not unfamiliar territory. On April 12, 2018, Bitcoin defied gravity and surged $1,000 in 30 minutes to above $8,000. The price surge brought back traders and fans, who once abandoned the popular cryptocurrency. However, Bitcoin later lost some of the gains later that day.

Bitcoin has nearly doubled in price since early September. Tyler Winklevoss, the co-founder of crypto exchange Gemini who is also a long-time Bitcoin bull, said he sees significant room for the crypto currency’s price to rise.

Bitcoin is not the only cryptocurrency enjoy the recent rally. Other alternative cryptocurrencies, commonly called altcoins, saw a sharp rise in values. Still, the volatility of Bitcoin, as well as the secrecy of other blockchain currencies, has prompted calls for increased regulation.