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Bitcoin on record-breaking spree, smashes through $27,000 for 1st time 

by DAILY SABAH WITH AGENCIES

ISTANBUL Dec 27, 2020 - 12:16 pm GMT+3
This illustration shows representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies, Feb. 14, 2018. (Reuters Photo)
This illustration shows representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies, Feb. 14, 2018. (Reuters Photo)
by DAILY SABAH WITH AGENCIES Dec 27, 2020 12:16 pm

Bitcoin, the largest cryptocurrency, is on a record-breaking spree. It smashed through $27,000 for the first time on Sunday, its highest valuation ever.

On Binance, the largest cryptocurrency exchange by trading volume, Bitcoin was selling at $27,248 at around 6 a.m. GMT. It also posted a 24-hour high of $27,555.

From $26,000 on Saturday, Bitcoin has gained nearly 11% in value.

The total market volume exceeded half a trillion, reaching $507.1 billion. Its market volume has jumped by $46 billion in the last 24 hours.

Binance, sharing a statement on its Twitter account, said Bitcoin hit $24,000 on Dec. 24th, $25,000 on the 25th, $26,000 on the 26th and $27,000 on the 27th and that the cryptocurrency will "continue (the trend)."

Bitcoin smashed through $20,000 for the first time on Dec. 16, it's then-highest ever.

It has gained more than 170% this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported resistance to inflation and expectations it will become a mainstream payment method.

Bitcoin's blistering rally has seen a massive flow of coin to North America from East Asia, fueled by a hunger for bitcoin among bigger and compliance-wary U.S. investors.

The rally in bitcoin, which some investors have seen as a potential safe haven, has coincided with spot gold's drop in recent months.

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