Unforgettable Crypto Moments in 2020

1. Bitcoin (BTC) reaching an all-time high

First, let’s talk about the elephant in the room. On November 30, BTC price reached its all-time high of 19,857.03 USD. It’s been on track to get that all-time high for a few weeks now, but it experienced a 3,000 USD crash over Thanksgiving. It has corrected itself since then and is currently in the 19,000 USD range at the time of writing. Just as people thought Bitcoin’s trend of price spikes was over, our favorite digital currency pulls a fast one on us. 2. Bitcoin’s third halving

The Bitcoin Halving is an event that happens roughly every four years (210,000 blocks). The first one occurred in 2012, splitting the miner rewards from 50 BTC to 25 BTC. In 2016, the second halving event occurred and it cut the rewards down to 12.5 BTC. On May 11, 2020, at around 3 PM EST, Bitcoin’s third and most recent halving occurred and it cut the rewards further down to 6.25 BTC.

The halving of miner rewards is intended to cut inflation in half. In the past, this event usually started a Bitcoin trend where it would experience intense price booms.

This year, Bitcoin’s price after the halving was a bit quiet. However, looking at where the price is now, that’s not as easy to say anymore. 3. COVID-19’s effect on crypto Because of the pandemic, the world’s financial markets have taken a huge punch to the gut. As a result, Bitcoin and other cryptocurrencies have taken the spotlight amid the pandemic.

Since these digital assets are decentralized and have fixed supplies, they have been incredibly intriguing for investors. The market has seemingly remained to be bullish despite the events that have happened in the year. As mentioned earlier, BTC reached an all-time high recently, outperforming its peak in 2017—and if that isn’t a clear indicator that cryptos are resilient versus inflation, then we don’t know what is. 4. The shift towards cashless payments Since exchanging cash is one of the easiest ways for COVID-19 to travel, people have been looking for alternative means of payment—including Bitcoin and other cryptocurrencies. Pre-coronavirus, ideas like contactless payments and remote jobs were questionable. Now, it seems like they’re going to be more integrated into our daily lives.