Bitcoin Hits $31K for First Time - [briefly]
09:34 AM EST - Jan,02 2021 - post a comment
The price of bitcoin (BTC) crossed $31,000 for the first time ever Saturday morning, a little more than an hour after blowing past $30,000 like it was a non-event, all in all starting 2021 in notable fashion following a remarkable year by the leading cryptocurrency.
- Once the price of bitcoin crossed the $30,000 mark, something it had struggled to do for the last couple of days, it took off as if all resistance had been removed, hitting a new all-time high of $31,509.08, before falling back to $31,079.99, up 5.44% in the last 24 hours.
- The performance comes after a year in which the cryptocurrency rose more than 300% in 2020, with an almost 50% gain just in December, sort of like a boulder gaining speed downhill, only in the opposite direction.
- For those who prefer dollar figures to percentages: On Nov. 30, bitcoin breeched a nearly three-year-old high of $19,793. By the close of Dec. 31, the cryptocurrency had risen about $10,000.
- And of course the market value of bitcoin jumped as well, rocketing past many of the most well-known companies in the world. With a market value of $569.1 billion, BTC is now more valuable than all but nine publicly traded companies, sitting between Alibaba at $648.3 billion and Berkshire Hathaway at $543.7 billion.
- Bitcoin enthusiasts will likely find some joy in having passed Berkshire, an event that occurred last week, as the company's CEO, legendary investor Warren Buffett, once famously derided bitcoin as "probably rat poison squared."