Bitcoin hits $20,000 for the first time ever

It took a while, but it finally happened: One bitcoin is currently worth more than $20,000.

The number has a special significance for proponents of the cryptocurrency. On Dec. 17, 2017, after a period of intense growth, Bitcoin came within spitting range of $20,000 per bitcoin, only to crash down hard in the next couple of days, triggering a multi-year bear run that saw the price go as low as $3,200.

Bitcoin came close again a few times this November and December, but the price stopped short of $20,000, followed by some very intense drops.

Now, however, there was no stopping Bitcoin. Fueled by a string of good news — read our overview of the events that led to this bull run here — the price rise was unstoppable.

While the sheer number — $20,000 per bitcoin — isn't really significant other than being a round figure, the fact that Bitcoin has consistently reached new peaks during its 12 years of existence is important. Often compared to the Dutch Tulip Bubble, Bitcoin proved it's not, in fact, a (typical) bubble, because it keeps coming back, and it's stronger every time it does.

Other cryptocurrencies are doing well, with Ethereum trading at $600 and XRP trading at $0.46 — not their highest levels ever, but pretty far from the doldrums they were in last spring. Overall, the total market cap of all cryptocurrencies according to CoinGecko is around $600 billion.

As for where Bitcoin goes from here, we've heard every number under the sun — from a crash to zero to an insane pump to $300,000 or more over the next couple of years. And while Bitcoin will likely remain a volatile and risky asset to invest in in the near future, there's no denying that it's now impossible to ignore.

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.