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Bitcoin rallied on Wednesday, reaching a fresh 2020 high as the digital currency benefited from multiple tailwinds.

The cryptocurrency climbed to $9,745.17 at roughly 1:30 p.m. EST, according to CoinDesk price data, Forbes reported.

At this point, the digital asset was up close to 7% in under 24 hours and was trading at its highest level since late October, additional CoinDesk figures show.

When explaining bitcoin’s latest gains, analysts pointed to a range of factors.

“There are plenty of bullish narratives for bitcoin at the moment, both fundamental and technical,” said Mati Greenspan, founder of Quantum Economics.

In terms of fundamentals, he cited developments like the halving, which is scheduled to take place in May, as well as Lightning Labs’ recent success in raising $10 million to build out its payments network.

Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare, offered a similar perspective, stating that “we may be seeing several trends driving the bitcoin price.”

He noted, “A very strong January has now seen bitcoin break its 200 day moving average – usually a very positive signal. More broadly, the upcoming bitcoin halving in May is buoying investor interest.”

Hayter added, “We are also seeing a number of indexes too which show a global move to create products that allow exposure to digital assets.”

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, provided some technical analysis on the digital currency.

“Bitcoin has surpassed $9,500 and is trading above $9,700,” he stated.

“However, the resistance range still holds ($9,500 marked the start of the zone and it ends around $9,850),” said DiPasquale.

“If today’s candle closes well above $9,500, then we can start considering $9,500 as a weak support,” he added.

Meanwhile, Cointelegraph reported that the Bitcoin network has surpassed 500 million transactions since going live over 11 years ago.

According to blockchain analytics site Statoshi, there have been half a billion transactions on the Bitcoin blockchain as of press time.

Crypto firm Casa CTO Jameson Lopp, co-founder & CTO site Statoshi celebrated the milestone on Twitter, saying: “Today, as of block 00000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at height 616064, Bitcoin surpassed 500 million transactions confirmed on the blockchain.”

The first-ever Bitcoin transaction took place on January 12, 2009. Bitcoin creator Satoshi Nakamoto and the late Hal Finney were the early contributors to the project. Nakamoto sent Finney 10 BTC as a test, after which the computer scientist began mining blocks himself.

Ten months later, on October 5, 2009, the New Liberty Standard set an initial Bitcoin exchange rate against the dollar. At the time, $1 was worth 2,300.03 BTC.

The first-ever transaction of bitcoin for physical goods took place on May 22, 2010. The famous Bitcoin Pizza saw two pizzas bought for 10,000 BTC by Laszlo Hanyecz. The programmer had offered users on a Bitcointalk forum the BTC in exchange for two pizzas. A teenager named Jeremy Sturdivant, nicknamed Jercos, accepted the bitcoin and sent Hanyecz two pizzas from Papa John’s. This marks the first commercial transaction for bitcoin.

After 11 years, bitcoin is now hitting another major milestone of passing half a billion transactions. Twitter user Hodlonaut tweeted: “Bitcoin isn’t talking about this. Or about how revolutionary and unprecedented its traits of censorship resistance and immutability are. bitcoin just is. And does. Once block at a time.”

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