Bitcoin Price History by Month in 2020
Bitcoin Price Overview in 2020
2020 was a pivotal year for Bitcoin. It began the year relatively stable but soon experienced volatility due to several global events. The COVID-19 pandemic, economic uncertainty, and institutional interest in cryptocurrency all played critical roles in the price trajectory. Let's break down the month-by-month performance of Bitcoin.
January 2020
- Opening Price: $7,179
- Closing Price: $9,395
- High: $9,530
- Low: $6,950
Bitcoin started the year at around $7,179 and gradually increased in value, reaching nearly $9,395 by the end of January. This was largely attributed to increasing institutional interest and renewed optimism around the digital currency market.
February 2020
- Opening Price: $9,395
- Closing Price: $8,642
- High: $10,431
- Low: $8,512
February saw Bitcoin crossing the $10,000 mark for the first time in 2020. However, towards the end of the month, the price dropped due to the growing concerns about the COVID-19 pandemic, closing at $8,642.
March 2020
- Opening Price: $8,642
- Closing Price: $6,421
- High: $9,144
- Low: $3,996
March was an extremely volatile month for Bitcoin. As global markets reacted to the growing pandemic, Bitcoin's price plummeted, dropping below $4,000 at one point. However, it managed to recover slightly by the end of the month, closing at $6,421.
April 2020
- Opening Price: $6,421
- Closing Price: $8,605
- High: $8,727
- Low: $6,539
April marked a recovery phase for Bitcoin. The price rebounded sharply as governments around the world introduced economic stimulus packages. By the end of April, Bitcoin had risen to $8,605.
May 2020
- Opening Price: $8,605
- Closing Price: $9,454
- High: $9,955
- Low: $8,231
In May, Bitcoin saw steady growth, driven by increasing interest from institutional investors and the anticipation of Bitcoin's third halving event, which took place on May 11, 2020. This halving reduced the reward for mining new Bitcoin, which historically has led to price increases.
June 2020
- Opening Price: $9,454
- Closing Price: $9,137
- High: $10,198
- Low: $8,830
June witnessed some minor volatility but overall maintained a relatively stable range between $9,137 and $10,198. The market was buoyed by continued optimism surrounding Bitcoin's role as a hedge against inflation.
July 2020
- Opening Price: $9,137
- Closing Price: $11,322
- High: $11,398
- Low: $8,904
Bitcoin’s price surged in July, breaking past the $10,000 barrier once again. The primary driving forces behind this increase were global economic uncertainty and increased adoption of Bitcoin as a store of value. By the end of the month, Bitcoin was trading at $11,322.
August 2020
- Opening Price: $11,322
- Closing Price: $11,658
- High: $12,469
- Low: $11,030
In August, Bitcoin continued its upward trend, reaching as high as $12,469. There was growing optimism about Bitcoin’s potential as an inflation hedge, especially as central banks worldwide continued to print money.
September 2020
- Opening Price: $11,658
- Closing Price: $10,785
- High: $12,083
- Low: $10,134
September saw a slight correction in Bitcoin’s price. The price fell back below $11,000 at one point, but despite this dip, Bitcoin’s overall performance in 2020 remained impressive.
October 2020
- Opening Price: $10,785
- Closing Price: $13,802
- High: $13,848
- Low: $10,528
October was a significant month for Bitcoin, as the price rose dramatically, crossing the $13,000 mark. This surge was driven by growing institutional interest, particularly from companies like PayPal announcing support for cryptocurrency transactions.
November 2020
- Opening Price: $13,802
- Closing Price: $18,701
- High: $19,378
- Low: $13,733
November saw a massive rally, with Bitcoin nearing its all-time high. The primary catalyst for this surge was a wave of institutional investment, particularly from hedge funds and publicly traded companies that began adding Bitcoin to their portfolios as a store of value.
December 2020
- Opening Price: $18,701
- Closing Price: $28,972
- High: $29,244
- Low: $17,588
December was the most dramatic month for Bitcoin in 2020. The price soared past its previous all-time high and continued to climb, reaching nearly $29,000 by the end of the year. The growing adoption of Bitcoin as a reserve asset by institutional investors was the key factor driving this surge.
Key Factors Influencing Bitcoin Prices in 2020
Institutional Investment: One of the most significant drivers of Bitcoin's price in 2020 was the increased interest from institutional investors. Companies like MicroStrategy, Square, and MassMutual made headlines by purchasing large amounts of Bitcoin for their treasuries.
COVID-19 Pandemic: The global economic uncertainty caused by the pandemic played a major role in Bitcoin’s price fluctuations. As traditional markets struggled, many investors turned to Bitcoin as a hedge against economic instability.
Bitcoin Halving: In May 2020, Bitcoin experienced its third halving, which reduced the reward for mining new blocks from 12.5 BTC to 6.25 BTC. This reduction in supply historically leads to price increases as demand remains steady or grows.
Increased Adoption: The growing adoption of Bitcoin by major companies like PayPal, which announced support for buying, selling, and holding Bitcoin, further legitimized the cryptocurrency in the eyes of the public and institutional investors alike.
Summary Table: Bitcoin Price in 2020
| Month | Opening Price | Closing Price | High | Low |
|---|---|---|---|---|
| January | $7,179 | $9,395 | $9,530 | $6,950 |
| February | $9,395 | $8,642 | $10,431 | $8,512 |
| March | $8,642 | $6,421 | $9,144 | $3,996 |
| April | $6,421 | $8,605 | $8,727 | $6,539 |
| May | $8,605 | $9,454 | $9,955 | $8,231 |
| June | $9,454 | $9,137 | $10,198 | $8,830 |
| July | $9,137 | $11,322 | $11,398 | $8,904 |
| August | $11,322 | $11,658 | $12,469 | $11,030 |
| September | $11,658 | $10,785 | $12,083 | $10,134 |
| October | $10,785 | $13,802 | $13,848 | $10,528 |
| November | $13,802 | $18,701 | $19,378 | $13,733 |
| December | $18,701 | $28,972 | $29,244 | $17,588 |
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