Bitcoin Reaches 2020 High Following PayPal Announcement

The news that PayPal customers in the US will soon be able to buy Bitcoin has added rocket fuel to an already surging market.

2 min read

Oct 21, 2020

The price of Bitcoin (BTC) has just exceeded $12,400 for the first time since July 2019, after first breaking through the $12,000 threshold this morning.

Bitcoin is currently trading at $12,445, having gained 4.99% in the last 24 hours. Its market cap now exceeds $230 billion and its market dominance is sitting comfortably at 60.8%—its highest market dominance since early August. Overall, Bitcoin is now up nearly 9% in the last week and over 13% in the last month, having experienced a slow but steady uptrend since early September.

It isn't just Bitcoin that is in the green today. Every cryptocurrency in the top 10 by market cap is performing well, with Bitcoin Cash (BCH) and Litecoin (LTC) currently leading the market with 5.5% and 10.5% gains respectively in the last 24 hours.

Scaling further back, however, many major altcoins are in the red on the 7-day chart, and all top 10 altcoins have lost considerable value against BTC during this time—with Chainlink (LINK) performing the worst against BTC.

Though the crypto market has been on an uptrend for more than a month, recent news that PayPal will allow users to buy, hold, and sell Bitcoin and several other cryptocurrencies, appears to have added rocket fuel to the market.

As per the announcement, PayPal's crypto buying and selling service will be made available to customers in the US first, before being expanded to other regions at a later date.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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