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Bitcoin Price Rallies As High As $33,099 Beginning 2021 With a Surge

Bitcoin Price Rallies As High As $33,099 Beginning 2021 With a Surge

Bitcoin price accelerated its record-smashing surge on Saturday, starting the 2021 year for the first time with a spike of over $30,000, with more and more traders and investors hoping that it is on the way to become a popular payment tool.

On Saturday, the price of the most famous cryptocurrency in the world traded as high as $33,099, with almost all other markets shutting over the first weekend of 2021.

The last time it was up was around 12% at $32,883 and in the last week of 2020 as it climb a record of $28,600.

Bitcoin price advanced more than 300 percent in 2020, adding more than 50 percent for the newest leg higher after hitting $20,000 just two weeks earlier.

The blockchain digital currency has only been around for around a decade or so, and interest from larger U.S. investors rose in 2020, drawn by its perceived inflation-hedging features and accelerated benefit opportunities, as well as hopes that it would become a common payment mechanism.

Investors said that a small supply of bitcoin – generated by so-called “mining” computers that verify transaction blocks by competing to solve mathematical puzzles – has helped fuel upward movements in recent days.

During the COVID-19 pandemic, some even saw it as a safe-haven game, analogous to gold.

It operates on numerous exchanges, the largest of which is Coinbase, which is itself planning to go public and become Wall Street’s first such site to list.

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Nasiru Eneji Abdulrasheed Is a Forsige breaking news reporter and editor, covering Europe, Africa, and the U.S. from Abuja.

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