{"id":34259,"date":"2020-12-31T09:00:09","date_gmt":"2020-12-31T07:00:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=34259"},"modified":"2025-08-28T17:49:59","modified_gmt":"2025-08-28T14:49:59","slug":"a-kaleidoscope-of-events-what-2020-left-in-the-history-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/a-kaleidoscope-of-events-what-2020-left-in-the-history-of-cryptocurrencies\/","title":{"rendered":"A Kaleidoscope of Events: What 2020 Left in the History of Cryptocurrencies"},"content":{"rendered":"

The year 2020 proved, in every respect, to be unprecedented. The global crisis triggered by the coronavirus pandemic affected all aspects of human activity, including the cryptocurrency industry. Although it did not end up the worst for it, and despite a hesitant start, the year can even be described as fairly successful.<\/p>\n

We outline the main events and trends of the departing year in one piece.<\/p>\n

New Bitcoin Records<\/h2>\n

The leading cryptocurrency has traditionally served as a yardstick by which the rest of the market is largely guided. From the start of the year Bitcoin’s price rose from around $7,300 to a record high of $24 225 in December, and its market capitalisation rose from about $130 billion to nearly $450 billion.<\/p>\n

But the path to new heights was far from smooth. Many will remember the events of March 12\u201313, when, amid a market crash, Bitcoin’s price fell to $3,800, losing more than 50% of its value in a day.<\/p>\n

By April, Bitcoin had returned to its early-year levels, and in the ensuing months it breached the $10,000 mark several times.<\/p>\n

A modest dip in September proved only a prelude to a powerful rally in November, during which the barrier at $15 000<\/a> was breached, and the culminating moment in December, when the price first surpassed $20 000<\/a>, and by 30 December, repeatedly setting new records, rose to $29 000<\/a>.<\/p>\n

\"Kaleidoscope<\/p>\n

BTC\/USD chart. Data: TradingView.<\/p>\n<\/div>\n

\"Kaleidoscope<\/p>\n

Hash rate chart of the Bitcoin network. Data: Blockchain.com<\/a>.<\/p>\n<\/div>\n

\"Kaleidoscope<\/p>\n

Bitcoin mining difficulty chart. Data: Blockchain.com<\/a>.<\/p>\n<\/div>\n

Many experts believed that the rally would be inevitable after the halving, but not everyone shares this view<\/a>, arguing that the causes lie in fiat currency inflation and the development of institutional infrastructure.<\/p>\n

Institutional Adoption<\/h2>\n

The 2020 rally is indeed markedly different from 2017, when amid hype around ICOs Bitcoin first rose to $20,000. This time the rise was supported by substantial interest from institutional players \u2013 large corporations not only did not skimp on investments in the industry, but began to view Bitcoin as a tool for portfolio diversification.<\/p>\n

Statements that cryptocurrency as a store of value has every chance to surpass gold were heard throughout the year, and investments aimed not only at cryptocurrencies as a class of assets but also at building a brand-new infrastructure, including in the decentralised finance (DeFi) sector.<\/p>\n

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Why Bitcoin Is Rising: Fundamental Reasons, Opinions, Forecasts<\/a><\/p>\n<\/blockquote>\n