Bitcoin surged to a new 2020 high of $12,486, posting a 73% year-to-date return on investment. Coinbase.com Coinbase.comAs both crypto investors and traditional investors pay increasing attention to this alternative asset, a common question arises - what is driving bitcoin’s price? The following are some of the factors driving Bitcoin’s price appreciation today. Scarcity:There are currently over 20 million bitcoin holders, while the market capitalization of the entire asset is only $226 billion USD. Due to the network’s relatively modest market cap of $226 billion USD, price manipulation remains a concern.

Source: Forbes August 17, 2020 21:00 UTC