The price of Bitcoin surpassed $12,000 on Monday, marking the second time the cryptocurrency has reached this milestone within 2020. This represents a 5.2% increase from its lowest value during the last seven days.
Throughout the last seven days Bitcoin has been hovering in the $11,000 bracket, pushing up as high as $11,900 and dropping as low as $11,400, according to data provider CoinMarketCap.
Tyler Winklevoss, co-founder and CEO of Gemini, tweeted, “Bitcoin rocketing through 12K on Monday morning is much more energizing [than] a large cold brew.”
Starting 2020 out at about $7,200, Bitcoin’s price remained relatively stable until March, when the cryptocurrency suffered a major blow amidst the outbreak of the COVID-19 pandemic—falling from $9,000 to $4,500 in hours. Bitcoin steadily rose back up, reaching the $9,000 mark in May, before breaching $11,000 just before the start of August.
There has also been a surge in demand for Bitcoin from large investors. MicroStrategy CEO Michael Saylor recently announced his firm’s decision to invest $250 million in Bitcoin—despite personally predicting the death of Bitcoin some years ago.
Digital asset manager Grayscale Investments has also seen $217 million of inflows into its major trusts for Bitcoin, Ethereum and other cryptocurrencies. This came following a national TV ad—that failed to properly mention Bitcoin.
But can all this attention push Bitcoin above $13,000?