The price of the most popular cryptocurrency, Bitcoin, hit $20,000 this morning for the first time ever.
The historic milestone follows BTC breaking its previous all-time high of $19,920 two weeks ago.
CoinDesk’s Bitcoin Price Index (BPI) put Bitcoin’s price is at $20,374, bitcoin (BTC, +7.01%) up 5.4% over 24 hours, in the time of writing this article. It’s one-year return is now over 180%
Other popular cryptocurrencies, including ethereum (ETH, +6.02%), litecoin (LTC, +7.3%) and XRP (+7.04%) are still down 58% to 88% from their respective lifetime highs reached three years ago.
Bitcoin has double its price in the past three months. Unlike its previous rally in 2017, when the demand came from the retail market, this time it’s the institutional investors leading it.
Institutions, as well as, high-net-worth investors are beginning to see Bitcoin as a store of value and as a treasury asset.
The US-based company MicroStrategy purchased $450 million worth of bitcoin earlier this year and has started a trend and investors have pointed to bitcoin as a potential hedge against the impending inflation they see.
