At the end of 2020, the world’s largest cryptocurrency amazed investors with its stunning rally. Bitcoin spiked three times during 24 hours breaching $22,000 per token for the first time in history.
On Thursday morning on December 17, bitcoin surged 14.46% to $22,124. Nearly half an hour later, its price declined to $21,855.16 per coin. Traders were gazing in awe at this roller coaster. A day ago, on December 16, bitcoin broke a fresh record with a jump above $20,000. In the early hours of December 17, the number one cryptocurrency set a new historic record skyrocketing to $21,299. Later on the same trading day, it touched a high of over $22,000.
A lot of investors are poised to open large bets with risky assets amid “rampant money printing” by the Federal Reserve and dovish stance of other influential central banks. So, the risk-on mood and protracted weakness of the greenback lie behind the bitcoin’s dazzling rally. Most analysts and traders foresee its bullish prospects. Apart from ultra-loose monetary policy, BTC receives a boost from positive news on efficient coronavirus vaccines. Currency experts at Morgan Stanley come up with the bold outlook. They expect bitcoin to squeeze the US dollar out of international transactions and grab the title of the world’s reserve currency.
