Bitcoin has made a momentous start to the year, breaching $30,000, then $40,000 in quick succession. The overall market cap of cryptocurrencies has broken through $1 trillion for the first time, a landmark moment that has many skeptics starting to acknowledge the validity of the asset class. 

In a record breaking year, Bitcoin smashed through the $500 billion market cap and powered towards $30,000. 2020 will be known as the year institutions finally entered the digital asset space. The recent returns for bitcoin have been unrivalled, with no other asset class coming close. 

Rich Rosenblum of GSR told the Financial Times last week that “little has changed with the fundamental case for bitcoin, but the surrounding macro environment has changed immensely. This rally is more about market participants starting to take the threat of US dollar weakness more seriously.”

Bitcoin started the month hovering at $10,800, attempting to break through the $11,000 mark. What followed was a very positive few weeks for Bitcoin in both price action and industry news.