The number one cryptocurrency has been the rare exception which has benefited from havoc in the global economy. Bitcoin nearly tripled its price in 2020. Moreover, it ended the year at the elevated levels close to historic highs. On December 30, 2020, bitcoin hit two all-time highs in a single trading day. First, the most popular digital currency broke the price of $25,000 per token and surpassed $26,000 very shortly. Remarkably, this milestone level did not trigger massive selling as traders were betting on its further advance. Next days, bitcoin easily passed through $27,000, $28,000, and even $29,000.

Nowadays, investors are poised for risky bets amid large-scale cash injections by the Federal Reserve and other central banks. Besides, the risk-on mood propels the rally in the crypto market. Investors cheer the news on efficient vaccines which are expected to stem the COVID-19 pandemic. Analysts at Morgan Stanley predict that bitcoin will be able to undermine the US dollar’s reign and challenge its status of the world’s reserve currency in the near future.