Bitcoin price today
(Getty Images)
  • Bitcoin leaped to a new record high of $23,770.85 on Thursday as its supercharged 2020 rally continued.
  • The climb brings the token's year-to-date gains above 200% and comes just one day after it traded above $20,000 for the first time.
  • The cryptocurrency has enjoyed strong momentum through the year as analysts, institutional investors, and financial-services companies turn increasingly bullish on its uses.
  • For more articles, go to www.BusinessInsider.co.za.

Bitcoin climbed to a new all-time high on Thursday as the cryptocurrency's extraordinary 2020 momentum continued through the end of the year.

The world's most popular cryptocurrency leaped to a 24-hour high of $23,770.85 on Thursday, marking a 20% gain over the past day. The climb comes just one day after bitcoin topped $20,000 for the first time, and brings the token's year-to-date gains above 200%.

Bitcoin advocates have cited the adoption of cryptocurrencies among institutional investors and financial-services companies as a major boon for the token this year. Investing giants including Paul Tudor Jones and Mike Novogratz praised the cryptocurrency earlier this year and forecasted bigger gains to come. The token's rally accelerated in October after PayPal announced it would allow users to buy, sell, and hold cryptocurrencies.

Read more: Fund manager Brian Barish has returned more than 550% to investors over 2 decades, and he just had 2 of his best years ever. He told us how he did it - and 3 top picks for the next 5 years.

Since bitcoin traded above its 2017 record at the start of December, major banks have also warmed to the token as an alternative to popular hedge assets like gold. JPMorgan strategists said Tuesday that institutional investors' growing interest in bitcoin will pull cash out of gold in the long term.

Guggenheim's Scott Minerd said Wednesday that, based on the token's finite supply and value relative to gold, bitcoin should be worth $400,000.

The token's rally is a "vindication" for investors who rode out its infamous 2017 boom and bust, said Edward Moya, senior market analyst at Oanda.

"It goes without saying that the importance of breaking this key level on the last full trading week of the year could be considered very bullish for cryptocurrencies," he added.

The cryptocurrency pared some gains Thursday morning and hovered around $23,200 as of 15:40 SAST.

Now read more markets coverage from Markets Insider and Business Insider:

The Fed's improved economic projections see US GDP fully rebounding by year-end 2021

US business activity falls to 3-month low as virus cases slam recovery momentum, IHS says

BlackRock shares its 11 top recommendations for a 'new investment order' in 2021 - and says the pandemic should prompt investors to completely rethink how they construct portfolios

Read the original article on Business Insider

Receive a daily news update on your cellphone. Or get the best of our site emailed to you

Go to the Business Insider front page for more stories.