Bitcoin Hits $20k First Time Ever - Platforms Crash in FOMO Rally

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Reports of crashing crypto platforms accompanied Bitcoin hitting $20k this afternoon. Both Coinbase and Binance couldn’t keep up with the massive buying spree that accompanied Satoshi Nakamoto’s cryptocurrency breaking through the ceiling of $20k.

The most popular cryptocurrency in this manner closes out an incredible FOMO year in which it crashed to $5k in March because of Covid-19 panic, rose to $10k after the halving in May, broke through $15k after interest from PayPal and Square and finally hit $20k just before Christmas came around. At the time of writing, Bitcoin was first in the trending charts on Twitter as well.

https://t.co/eherzYpdo1 pic.twitter.com/FK22tCHEHx

— Binance (@binance) December 16, 2020

What a way to end a tumultuous year. The Bitcoin price is currently trading around $20,600, but it’s still very volatile.

Oasis

With worldwide media probably reporting the new All Time High in the days to come is it not unlikely that the FOMO rally could still intensify.

Speaking in the British Press, the CEO of bitcoin mining operation Bitfarms Mr Emiliano Grodzki said:

In just under a month, we’ve seen bitcoin firstly hit an all-time-high, and now break the long awaited $20K mark, there is no doubting it – this is one of the most exciting periods of time in the history of cryptocurrency to date.

Bitcoin is no longer the mirage it used to be – it is truly becoming the oasis in the desert.

Tzido / Depositphotos.com