Bitcoin has gotten very close to reaching its $20,000 milestone today and it could still pass that threshold in the coming hours and days. This is the highest it has climbed since December 2017 when it proceeded to take a huge nosedive. The latest price was recorded just four days after Neowin reported that the price of Bitcoin fell by $3,000 in just 24 hours. At the time it was unclear which direction the asset would go but we said at the time it wouldn’t take long to see where it goes next.
Since reaching the $19,736 a few hours ago, the price fell a little bit before heading back up. If bitcoin reaches $20,000 some holders of the crypto might decide to let go over their bitcoins feeling it the safer option and this could lead to another decrease in price. Bitcoin usually recovers from this and once people are used to it being above $20,000 it could increase to new heights that bullish observers have predicted.
This year has been great for bitcoin and its mainstream adoption. In October, PayPal announced that it would be giving users the ability to buy and sell cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. What’s great about PayPal’s adoption of these cryptos is that PayPal will let you spend the cryptos when dealing with merchants that already support PayPal payments; with this type of accessibility, bitcoin could become a lot more popular and see a further increase in its price.
With bitcoin being an extremely volatile asset, anyone thinking about buying some of the crypto should ensure they’re only spending what they can afford to lose. Back in 2017 when bitcoin was rapidly increasing in price it gained a lot of attention but ultimately lost thousands of dollars worth of value. If someone had invested essential money at that time it could have caused serious cash flow issues, therefore you should only put in what you don’t mind losing.