Bitcoin broke $2000 wall in the Pizza Day

As Bitcoin has continued to gain in popularity and accessibility around the globe, its price has similarly grown. The digital currency, widely seen as one of the earliest and the most important in paving the way for the new cryptocurrency industry, has reached a landmark achievement. Continued growth in price has elevated the cost of a single Bitcoin to more than $2,000 for the first time in history. 

According to a CoinDesk data, Bitcoin was trading for almost $2,200 in the early hours of Monday morning, setting a new record after breaking the $2,000 barrier over the weekend. With this new increase, the total market capitalization of Bitcoin reached impressive $32.92 billion.

Today also marks the seventh anniversary of Bitcoin Pizza Day, which is widely considered to be the first transaction using the cryptocurrency.
In 2010, on 22th of May, Florida programmer Laszlo Hanyecz managed to convince someone to accept 10,000 Bitcoins in exchange for two pizzas from Papa John’s. At the time, the coins were worth roughly 0.003 cents each but just seven years later at today’s value, those pizzas cost the programmer more than $20.2 million.

So, if you bought $100 worth of bitcoin seven years ago, you'd be sitting on around $72.9 million today.

The price of Bitcoin has been on an ascendant path for many months. Still, the currency has been valued much more highly than many of its competitors for years: Bitcoin has first achieved the amount of $1,000 per coin back in 2013. In the immediate aftermath of that period, however, Bitcoin dropped in price. Some analysts have attributed the dip to the demise of the major exchange Mt. Gox.

The currency is in unchartered waters at $2,000, but some pundits believe it has the potential to reach $10,000 (or more). To achieve this the community would likely have to sort out the scaling issue, which would give investors confidence that bitcoin’s infrastructure be able to support it as it grows.
But why the currency has been performing? Some say it’s because of bitcoin’s scaling issue. The currency has grown so large that the network is having trouble quickly confirming transactions unless users attach hefty fees for minors. In addition, the most powerful miners, who control the codebase of bitcoin, haven’t been able to come to a consensus on which new protocol to implement.

There is not an unlimited number of Bitcoins, in fact, their anonymous creator put 21 million Bitcoins in the virtual ground and since 2009 nearly half of them have been mined and put into circulation.

Bitcoin isn’t the only cryptocurrency that has enjoyed success as of late. As Neowin highlights, several other virtual currencies have also seen their value rise sharply in recent months. Of the nearly $70 billion market cap for all cryptocurrencies, Bitcoin only accounts for 47 percent versus around 80 percent just a few months ago.