Data from CoinMarketCap shows that bitcoin has finally passed $20,000 and is sitting at around $20,600 at the time of writing. The crypto had been lingering around the $20,000 mark for a while now but had not crossed the threshold; as a result of the price increase, there could be further interest by people looking to buy some bitcoin.
November was a funny month for the digital asset, on the 24th it managed to hit $19,300 before losing $3,000 worth of value. The fluctuating price of bitcoin means that it can gain and lose value very quickly and should therefore be treated as a longer-term investment. Over the last decade, the trend for bitcoin has been to go up in price.
Ever since bitcoin launched over a decade ago, many people have dismissed the technology saying it’s no more than a fad like the tulip mania. While anything could still happen to the price of bitcoin, it has gained a lot of mainstream attraction in recent years, most recently, PayPal announced that it would give its users the ability to buy, sell and hold cryptocurrencies like bitcoin.
As mentioned earlier, bitcoin has gone up in price in the long-term but in the short-term anything can happen. If you are thinking about investing any money into it you should keep this in mind and only spend money that you can afford to lose because you could end up with less than you originally spent.