Bitcoin's price on Sunday hit a new all-time high, exceeding expectations and predictions of many in the world of cryptocurrencies.
According to data from Coinmarketcap, the virtual currency hit $20,000 on Sunday before depreciating below the new all-time high.
No one could've thought Bitcoin could hit $20,000 at the beginning of the year when it was worth just about $1,000 but here we are. The coin hit a stunning run starting from the second half of the year, and despite experiencing some hiccups, the upward trend persisted.
There are a number of reasons for this fantastic growth but majorly it's down to Bitcoin's growing popularity.
Bitcoin is a unique currency in that it is virtual, decentralized, easy to access and divisible, among other properties. And although there are still issues about scaling, the potential can't be mistaken.
The entrance of financial institutions into the Bitcoin market is responsible for the recent all-time high. Chicago Board Option Exchange, Cboe, recently launched a futures market for Bitcoin, with CME Group launching its own futures market for the crypto-coin on Monday.
This means institutional money will enter the market and there'll be more liquidity. It also means Bitcoin is being embraced gradually by the big boys and could become mainstream soon.
No doubt, 2017 has been a wonderful and interesting year for Bitcoin.