Bitcoin breaches $10,000 mark, sets fresh record for 2020

Bitcoin breaches $10,000 mark, ets fresh record for 2020

Bitcoin, the most popular cryptocurrency in the world, set a new record on February 8, 2020 by rising up to 2.6 percent to surpass the psychological $10,000 mark. It reached $10,179, bringing the total gains to almost 40 percent.

According to Bloomberg Michael Sonnenshein (Managing Director at Grayscale Investments) stated that there is a consensus that Bitcoin will become a safe and secure investment. He also mentioned that the May halving could have an effect on the price of the token.

Bitcoin reached a peak of almost $20,000 in December 2017, and ended 2017 up around 1,400%. This was also the year when the cryptocurrency achieved mainstream status on the global market. It plunged by 74% in 2018, but recovered almost 100% in 2019.

It is expected that the cryptocurrency will rise in the second quarter to trade between $10,000 and $11,000.