Bitcoin Surpasses $23,000, Setting New All-Time Record

File photo. Bitcoin is on the up-and-up.
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December 16th, 2020–Most cryptocurrencies have shown an upward tendency in recent days, with Bitcoin growing rapidly since 15 December.

Bitcoin set a new record, trading at over $23,000, while the US dollar is at its lowest point since April 2018.  According to the CoinMarketCap website, which calculates the average of more than 20 exchanges, the cryptocurrency was trading at $23,478.40 as of 09:20 GMT.

The cryptocurrency has gained around 20 percent over the past 24 hours, while Ethereum rose 11 percent, Litecoin over 17 percent, and XRP surged over 23 percent.

The record spike comes just a day after Bitcoin hit the $21,000 mark, which was the highest price for the cryptocurrency since December 2017.

Bitcoin, launched in 2009, was the first cryptocurrency, which uses a decentralised blockchain-based network. At the moment, it reportedly constitutes around 66% of the entire global cryptocurrency market.

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009when its implementation was released as open-source software.

It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

 

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