Bitcoin soars above $23,000 as mammoth 2020 rally drives record highs

Bitcoin climbed to an all-time high on Thursday as the cryptocurrency’s extraordinary 2020 momentum continued through the end of the year.

The world’s most popular cryptocurrency leaped to a 24-hour high of $23,770.85 on Thursday, marking a 20% gain over the past day. The climb comes just one day after bitcoin topped $20,000 for the first time, and brings the token’s year-t0-date gains above 200%.

Bitcoin advocates have cited the adoption of cryptocurrencies among institutional investors and financial-services companies as a major boon for the token this year. Investing giants including Paul Tudor Jones and Mike Novogratz praised the cryptocurrency earlier this year and forecasted bigger gains to come. The token’s rally accelerated in October after PayPal announced it would allow users to buy, sell, and hold cryptocurrencies.

Since bitcoin traded above its 2017 record at the start of December, major banks have also warmed to the token as an alternative to popular hedge assets like gold. JPMorgan strategists said Tuesday that institutional investors’ growing interest in bitcoin will pull cash out of gold in the long term.

Guggenheim’s Scott Minerd said Wednesday that, based on the token’s finite supply and value relative to gold, bitcoin should be worth $400,000.

The token’s rally is a “vindication” for investors who rode out its infamous 2017 boom and bust, said Edward Moya, senior market analyst at Oanda.

“It goes without saying that the importance of breaking this key level on the last full trading week of the year could be considered very bullish for cryptocurrencies,” he added.

The cryptocurrency pared some gains Thursday morning and hovered around $23,200 as of 8:40 a.m. ET.

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