Bitcoin’s price has performed considerably well in 2020, especially in the second half of the year. Bitcoin (BTC) is trading around 15 percent below its all-time-high price in 2017. At press time, Bitcoin is trading up by 95 percent in the past year, and over 8 percent in the past week.
The boost to Bitcoin’s price could also be attributed largely due to the adoption of the cryptocurrency, as many large institutions decided to start investing in BTC. Bitcoin witnessed massive institutional adoption this year, with MicroStrategy leading the pack with an aggregated purchase of 38,250 Bitcoin.
PayPal also announced that it would let its customers use cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and