Bitcoin has registered a new milestone, breaking past the $25,500 mark after briefly dropping back to $24,971.23 before surging past the new record and rising forward from there, TradingView reported on Sunday.
Recently, the world's most popular virtual currency has been leaving a wave of broken records in its path at an increasingly robust pace after breaching the psychologically key $20,000 level for the first time on Dec. 16.
Introduced in 2009, Bitcoin became the first virtual currency to employ a decentralized system for transactions based on blockchain technology.
Blockchain works by exempting the currency from central bank regulations and policies, thereby deriving its value through a process called 'mining.'
Bitcoin has witnessed an unprecedented rise for 2020, with its value seeing a 240 percent advance since the start of the tumultuous year.
Ever since PayPal announced last March about allowing its account holders to use the cryptocurrency, the value of Bitcoin has climbed from $5,000 to $25,000. This indicates an impressive 400 percent rally in the past eight months.
After ushering the current year at just around $7,000 per BTC, the price of bitcoin has advanced through the year, surging well past its all-time peak of $20,000 in 2017.
Based on the latest survey by Finder.com, before BTC exceeded the $20,000 level, almost 60 percent of the panelists said that the crypto's bull run would go on at least until the first six months of 2021. The poll shows that panelists project Bitcoin's price will grow by more than 200 percent by the end of next year.
Trading experts are optimistic that a bright future awaits the leading digital money. Tom Fitzpatrick, managing director at Citibank, recently suggested that Bitcoin might hit the $318,000 level, while Guggenheim Investments believes the electronic currency will hit past $400,000.
ZebPay, one of India's biggest digital currency exchanges, has anticipated that the value of Bitcoin could hit Rs1 crore (more than $135,000) by 2030.
In the middle of November this year, billionaire investor and Galaxy Digital founder Mike Novogratz predicted the cryptocurrency could be worth $65,000 in 2021.
Not all people are very upbeat about the future value of Bitcoin, as Seeking Alpha financial columnist Anton Wahlman believes it's worthless and will plunge to zero. "Sometimes there's something so absurd that you hardly know where to start to make the argument," Wahlman's recent editorial insists, as quoted by Bitcoin.com News.
As of today, Bitcoin is accountable for around 65 percent of the world's digital currency market.
