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Bitcoin rally continues; breaches $34,000 mark

Bitcoin rally continues; breaches $34,000 mark

On Saturday Bitcoin surpassed the $30,000-mark for the first time. The price of the world's most popular cryptocurrency traded as high as $31,584 before settling down around $30,800

The cryptocurrency gained as much as 7.8 per cent to $34,182.75 in Singapore on January 3 The cryptocurrency gained as much as 7.8 per cent to $34,182.75 in Singapore on January 3

Continuing its upward rally, Bitcoin touched another record high of $34,000 on Sunday. The cryptocurrency gained as much as 7.8 per cent to $34,182.75 in Singapore on January 3.

On Saturday Bitcoin surpassed the $30,000-mark for the first time. The price of the world's most popular cryptocurrency traded as high as $31,584 before settling down around $30,800.

After Sunday's record, Antoni Trenchev, managing director and co-founder of Nexo, predicted that the currency will be "on the road to $50,000 probably in the first quarter of 2021".

The latest gains come three days after bitcoin closed out a year in which the cryptocurrency rose more than 300 per cent, with an almost 50 per cent gain in December alone.

On November 30, bitcoin breached a nearly three-year-old high of $19,793. And, on December 31, Bitcoin topped $29,000. Cryptocurrency has surged nearly half in just 15 days since it achieved the psychological milestone of $20,000 on December 16.

Recent gains have taken bitcoin's market capitalisation past $536 billion, according to industry website CoinMarketCap.

The popularity of Bitcoin in the recent month could be after PayPal - the online payment major - announced that it'll enable its account holders to use Bitcoin. This marks a colossal 400 per cent increase in the past eight months.

Also read: Bitcoin's rally continues! Digital currency hits another high of $28,600

Also read: Bitcoin surpasses $30,000 as rally continues in 2021