This article is more than 6 month old.

Bitcoin breaks above $20,000 for first time

Mini

For the first time, Bitcoin rocketed above $20,000 on Wednesday, boosted by increased demand from both institutional and retail investors.

Bitcoin breaks above $20,000 for first time
For the first time, Bitcoin rocketed above $20,000 on Wednesday, boosted by increased demand from both institutional and retail investors. The cryptocurrency jumped 4.5 percent to touch an all-time peak of $20,440.
Bitcoin has gained more than 170 percent this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported inflation-resistant qualities, and expectations it will become a mainstream payment method.
Brian Estes, chief investment officer at hedge fund Off the Chain Capital predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilises the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94 percent correlation with the price of bitcoin.
Citi technical analyst Tom Fitzpatrick said bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership.

Market Movers

CompanyPriceChange%Gain
UltraTechCement6,704.85 117.45 1.78
Asian Paints3,060.30 41.60 1.38
TCS3,317.75 43.40 1.33
TATA Cons. Prod745.00 9.10 1.24
HDFC Life700.30 8.15 1.18
CompanyPriceChange%Gain
UltraTechCement6,708.15 122.45 1.86
Asian Paints3,060.35 41.35 1.37
TCS3,320.10 43.75 1.34
Infosys1,497.05 16.75 1.13
Tech Mahindra1,080.25 11.15 1.04
CompanyPriceChange%Gain
UltraTechCement6,704.85 117.45
Asian Paints3,060.30 41.60
TCS3,317.75 43.40
TATA Cons. Prod745.00 9.10
HDFC Life700.30 8.15
CompanyPriceChange%Gain
UltraTechCement6,708.15 122.45
Asian Paints3,060.35 41.35
TCS3,320.10 43.75
Infosys1,497.05 16.75
Tech Mahindra1,080.25 11.15

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.07750.75501.03
Euro-Rupee88.40900.52900.60
Pound-Rupee103.32200.83900.82
Rupee-100 Yen0.67140.00901.36