The value of bitcoin, the world’s best-known cryptocurrency, has reached an all-time high of more than $23,000. Industry leaders and key influencers in the Chinese crypto space, still bullish on the prospect of bitcoin recovered from a 3-year bear market.

Why bitcoin broke $20, 000 last night?

Chaojijun, a famous Chinese crypto KOL said in a recent online broadcast that December 17th is a great day as you will find bitcoin has performed very well on the same day over the past years.

Why bitcoin pumping during the year 2020?

“Compared to the price at the beginning of the year, price rise on bitcoin is not so exaggerated. If you take the price at the beginning of last year and the high point of last year, the price has increased by more than four times. In fact, since last year, the mainstream view has recognized that the price of bitcoin has nothing to do with China’s capital. Now we say that the price of bitcoin is mainly pumped by foreign institution like Coinbase.”

Said Tao Rongqi, founder of X-order. In fact, Capital from China has been unable to participate in it now as it is troublesome to import and withdraw money from crypto industry with few leeway for operation.

The inevitable reasons for bitcoin’s rise this year

Tao Rongqi, founder of X-order said in the blockchain world, much like the Internet, the siphon effect of the leader is obvious. The technical value of blockchain 1.0 is mainly concentrated in bitcoin. If there is new innovation, new value will be regenerated. For example, the public chain Ethereum and the application of uniswap (transaction) are all like this.

He believes that security and stability are the most important essence for finance and currency. The longer bitcoin survives, the higher its value, and the stronger its future competitiveness. This is because the longer the chain exists, the more difficult it is to tamper with, and the more secure it will be.

Predictions on the future Bitcoin price trend

Jiang Zhuoer, the founder of BTC.com predicts that news about Bitcoin ATH brings new investors.

Bitcoin price is easy to skyrocket six months after each halving. This round of bull market has a lot of institutions involved, after breaking through the previous high, a large number of new retail investors began to enter. But new comers will buy some cheaper cryptocurrencies, especially the top ten coins in market value.