Bitcoin surpassed $29,000 for the first time as the year 2020 came to a close. This means that the digital currency almost quadrupled in value in 2020 amid increasing interest from investors.

The world’s most popular cryptocurrency reached $29,300 before pulling back, at the time of writing this post it was at $29,180.326. Bitcoin has surged by nearly half since breaking $20,000 for the first time on 16th December 2020.

The expectations it could soon become a mainstream payment method has meant heightened demand from large US investors, and traders who would usually just trade equities.

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On a weekly basis, Bitcoin has gained over 23%. ETH has failed to hold ground above $750 and embattled XRP is hovering around $0.224.

Bitcoin’s market dominance has increased to about 71%. The total capitalization of all digital assets in circulation has now settled at $758 billion with an average daily trading volume of close to $177 billion.

The recent rally was triggered on Wednesday, 30th December 2020 after US President Donald Trump endorsed a second stimulus bill worth $900 billion. As reported by FXStreet, many crypto twitter analysts believe the Americans will consider investing their stimulus checks in Bitcoin. This is very logical as it’s the most profitable asset of 2020.

In April 2020 US-based cryptocurrency exchanges also saw an inflow of first-time deposits worth $1,200 after the first stimulus checks got to Americans.

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