The price of Bitcoin cryptocurrency is at an all time high, but what is it exactly?

Bitcoin crossed $ 20,000 (26,440A) for the first time amid heightened interest from institutions and businesses.

The cryptocurrency hit an all-time high of US $ 20,800 and last rose 6.4% to US $ 20,675.

It has gained over 170% this year, supported by demand from larger investors attracted by its potential for quick wins, its alleged resistance to inflation and expectations that it will become a mainstream payment method.

It has been a crazy year for bitcoin, which has climbed over 175% since late 2019.

Prices plunged below $ 4,000 in March as markets around the world collapsed due to the COVID-19 economic crisis.

Bitcoin crossed $ 20,000 (26,440 A) for the first time amid heightened interest from institutions and businesses. Credit: Chesnot/Getty Images

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