Bitcoin 2020 Recap

Bitcoin 2020 Recap

Knowledgebase
10/02/2021 by Koinal
172
2020 has undoubtedly been a painful year for the world. The coronavirus outbreak has affected not only people’s daily lives devastatingly but also the global economy.However, for the cryptocurrency and DeFi industry, it has been a year full of successes.
Bitcoin 2020 Recap

Bitcoin has displayed the most impressive performance and shined amongst others. It climbed dramatically from the low $5,000 in early 2020 and reached a peak at $24, 000 in December 2020. That was a new record in Bitcoin’s all-time history. While Bitcoin’s market capitalization rose sharply to an all-time high of $450 billion, its hash rate also leaped to 157.6 exahashes per second (EH/s). 

2020 witnessed major steps for the Bitcoin-based social media platforms as well. On the one hand, new promising Bitcoin based social media platforms emerged like Replica and PowPing. On the other hand, existing platforms like Streamanity -later purchased by RelayX- also showed considerable progress. 

Another significant development was the rapid growth in the number of Bitcoin ATMs. It showed a considerably positive graphic throughout 2020 that increased to 13,400 Bitcoin ATMs in total that are available across the globe. The number of Bitcoin ATMs was 6,039 a year ago and 460 five years ago, which is clear evidence of Bitcoin’s rising achievement and prestige.

We have listed the developments related to Bitcoin by month in 2020 below:

January

  • Bitcoin increased its value in the Iranian market.
  • BTC hash rate, at that time, became more vital than ever.
  • January highest price: $9501

February

  • BTC price hits $10,000 for the first time in 2020
  • Traditional investments outperformed by portfolios with Bitcoin allocations.
  • February highest price: $10,360

March

  • BTC has fallen almost $3000 after the COVID-19 outbreak.
  • BitBull CEO Jo DiPasquale said, “Bitcoin’s recent price action is primarily a result of the coronavirus outbreak affecting global markets and driving investors towards the safety of cash,” after the prices go down below $4000.
  • The Belgian government announced the auction of seized Bitcoin worth $125,000 in criminal cases.

April

  • Ben Askren, a former UFC fighter, has changed his Twitter user name to “Bitcoin Halving May 13” to promote the Bitcoin halving event.
  • Silk Road founder Ross Ulbricht said he thought Bitcoin price would fall to $3200.
  • April highest price: $8829

May

  • Bitcoin halved on May 11, 2020, around 3 pm est.
  • Some of the earliest mined Bitcoins, mined in 2009, moved by someone suspected to be Satoshi.
  • Bitcoin prices influenced the Iranian parliament to institute a new currency.
  • Paul Tudor Jones, a hedge fund manager, buys into Bitcoin as a hedge against inflation saying “The best profit-maximizing strategy is to own the fastest horse.”.

June

  • In June 2020, investment firm Wilshire Phoenix filed with the SEC for a publicly-traded Bitcoin-backed fund, aiming to provide investors with exposure to Bitcoin.
  • June highest price: $9891

July

  • Ari Wald, head of technical analysis at Oppenheimer, stated that Bitcoin’s reversing of its downtrend is good news for long-term holders and it is one of the best commodities to hold with gold.
  • There was a 23% drop in Bitcoin mining after the halving in May.
  • Bitcoin’s price correlation with S&P 500 hit record highs.
  • Bitcoin declared a form of “money” in the USA as a DC Federal Court rules.
  • July highest price: $11,812

August

  • Bitcoin has a Flash Crash, loses valuation around $1.4K then rebounds to over $11,400.
  • Bitcoin breaks $11,8K, then dips to $11,5K. Later in the month, it breaks $12K and goes back down.
  • Bitcoin adoption cycle gathers pace; analysts say it’s entering a new “adoption phase” as The number of bitcoin addresses holding at least $10-worth of cryptocurrency rose to a record high of 16.6 million.
  • Winklevoss brothers say Bitcoin can reach $500,000.
  • August’s highest price: $12,301.

September

  • KuCoin hacked for $200m in crypto
  • Square launched Cryptocurrency Open Patent Alliance (COPA) to continue its support for Bitcoin and cryptocurrency in general.
  • Jack Dorsey speaks in support of Bitcoin, saying that Bitcoin is the best manifestation of a native digital currency for the internet. Also adding he does not see Bitcoin losing that position.
  • September highest price: $11,397

October

  • Bitcoin broke $14,000 again after a consolidation period between $10,000 and $11,000 during the first half of the month
  • Paypal finally embraced cryptocurrency. On October 21st, Paypal announced that users would exchange fiat currencies to Bitcoin, Ethereum, and two altcoins.
  • DBS, Singapore’s largest bank rumored to be launching a Bitcoin trading service.
  • Jack Dorsey’s Square buys $50Million worth of Bitcoin.
  • October highest price: $13,803

November

  • Stanley Druckenmiller, a world-famous asset manager, praised Bitcoin. Stating that he believed Bitcoin would work better than gold. Although he didn’t disclose how much BTC he has, he said that he has “multiples more” in gold than Bitcoin.
  • Skybridge Capital Announced its desire to acquire cryptocurrency investments.
  • $1 Billion in Silk Road Bitcoin Seized.
  • November’s highest price: $19,686.

December

  • Bitcoin sees a record number of active users.
  • Bloomberg analysts say Bitcoin can hit $50Kin 2021.
  • Bitcoin briefly sank below $19K, then went down even further to near $18K, eventually sliding below it.
  • Bitcoin starters to solidly trade over $20K, breaking all-time high records back to back($21K, $22K, $23K, $24K, $28K).
  • December highest price: $29,388

Once again, Bitcoin has attracted attention and left a positive impression despite the ongoing pandemic in 2020. A growing interest in Bitcoin has been becoming popular among various people, from academics, business people to students, homemakers, and so on. Also, a remarkable number of stock traders, companies, and firms have started to consider Bitcoin as a safe investment instrument since the worsening economic conditions have shaken the global financial markets. At the same time, more governments have been seeking new opportunities and alternatives in cryptocurrencies and digital assets for a while. It seems Bitcoin will maintain its rising in 2021 despite the global uncertainty. Experts believe that Bitcoin could easily reach $25,000 to $30,000 in the first months of 2021. It would not be an exaggeration to say that Bitcoin and blockchain technology will dominate the near future.

Koinal suggests an excellent opportunity to start your digital portfolio. Whether you are a new or an experienced user, you can find various cryptocurrency options at Koinal. Open an account today and invest in your future!

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