Bitcoin Price Hits $30,000 For The First Time

By Onwuka Gerald

Digital currency, Bitcoin protracted its record on Saturday, by starting the year with a rise of over $30,000 for the first time, having many traders and investors believing that it’s on its way to becoming a mainstream payment method.

Bitcoin price traded as high as $31,824 on Saturday, as almost all other markets were closed over the first weekend of 2021.

Bitcoin increased more than 300% in 2020, and has also topped more than 50% since crossing $20,000 barely two weeks ago.

The blockchain currency which has only been around for a decade, in 2020 saw it demand grow from larger United States investors.

Meanwhile, Investors said that only limited supply of bitcoin produced by mining computers that validate blocks of transactions by competing to solve mathematical puzzles, has resulted to boosting upward movement over the last couple of days.

Some also saw it as a safe-haven play during the COVID-19 pandemic, akin to gold.