Introduction
The cryptocurrency trade market is filled with thousands of Cryptocurrencies. However, there is only one ruler of the market, with more than 60% of the market shares, Bitcoin. Bitcoin has always been a part of the record-breaking list. Whenever there are some new records in the Crypto trade market, Bitcoin has always been related in one way or another.
For instance, when we talk about Cryptocurrency, most people know about Bitcoin. This is due to its market capitalization. You will find most of the trading and transaction platforms use Bitcoin’s Blockchain to trade. Bitcoin even holds the record of being paired with the most number of other cryptocurrencies for the exchanges.
Records Broken By Bitcoin In 2020
The year 2020 has come to an end. With 2021 just at the next corner, we thought of reviewing the performance of Bitcoin in 2020. While going through its performance, we came across several records that have been broken by Bitcoin in 2020.
So let us elaborate on the records that Bitcoin Broke in 2020.
1. Reached All-Time Best
We all predicted that 2020 could be the year when Bitcoin can finally achieve that $20K mark. Though it could not cross the $20K market, it certainly came close and missed by just a few centimeters. November was the month that saw the initialization of the historic rally. This was the month when the price evaluation of the Bitcoin increased to $12,000.
People were now happy that Bitcoin has survived the pandemic and is back in the market. But to their surprise, the price of the Bitcoin crossed $16,000. The price of the Bitcoin never crossed this market after the first successful rally in 2017.
The mad bull run doesn’t end here. The Bitcoin reached its all-time best market price of $19,857 in the last week of November.
2. Increased Hash Rate Of 120 TH/s
Hash rate is the computing power that miners use to validate the transaction. Hence, the higher the hash rate is, the more secure your network will be considered. The hash rate is one way to foresee the price of Bitcoin.
2020 came up with an increased hash rate. The hash rate was around 120TH/s. Well, this speed is not a joke. You need powerful computers to cope up with the transaction procedure. The standard hash rate at which the whole transaction used to perform was 70TH/s to 100TH/s. However, 2020 witnessed 120TH/s. It is the record best hash rate ever recorded.
3. Consistent Growth Over The Last 8 Months
Cryptocurrency has a bad reputation for fluctuating most of the time, but during these 36 weeks in the pandemic, Bitcoin’s price has only seen a positive curve. It is the first time for any Cryptocurrency to move forwards with such an acceleration rate. Though some experts believe that the 2020 successful rally is about to end, we can no longer see that possibility.
Both Ethereum and Bitcoin are running in the positive curve with an acceleration rate of increase in price. This shows that the rally is no way close to being completed. This successful rally will go on, and we will soon be able to see the new all-time best being replaced with a new price evaluation milestone.
4. Increased In Bitcoin HODL
Bitcoin HODL was something that only a few practice, but after seeing how it has performed in the last month, traders and investors are flocking to buy Bitcoin for ‘hodling’. The numbers of traders and investors have increased over the last month. Today, there are more people who are investing in Bitcoin for HODLing, instead of Crypto exchanges.
Conclusion
There are records that Bitcoin has broken just recently. We have enumerated some of the records above. We would like you to add some of your findings here as well so that our readers can be enlightened.
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