Bitcoin keeps skyrocketing while we are yet to get over its most recent huge surge! Bitcoin has gone through the ups and downs—during and particularly a buoyant holiday trade, for the world’s No.1 digital currency. It still isn’t slowing down. Bitcoin peaked above $20,000 for the first time, on the 16th Wednesday, 2020, after it had been threatening the symbolic $20,000 barrier for a while.
This terrific cryptocurrency surged as high as 10% to $21,293 in New York, that Wednesday.
Bitcoin investors were still revelling in the awe of this surge and a week and few days shy, Bitcoin prices were shattering records during the Christmas weekend. And now, it just passed $28,000 and shows no signs of stopping. The investors looked toward closing out a remarkable 2020 for the world’s biggest cryptocurrency, in the midst of a pandemic.
This cryptocurrency’s price has risen more than 14% in the past 24 hours alone, and investors are now watching the psychological $ 30,000 per bitcoin barrier for the first time. As a result, the combined value of all bitcoin tokens in circulation has passed half a trillion dollars (500 billion) for the first time.
Now, as $30,000 seems much closer than was earlier envisaged. This brings us to the biggest question that has been on the minds of everyone.
Why Does Bitcoin Keep Rising?
Bitcoin’s speedy increase has been terrific — or crazy. However there is a reason to this, and no, it’s no rocket science. Investors are flooding money into bitcoin and other cryptocurrencies, in this Covid-19 pandemic. As the Federal Reserve sent interest rates near zero (and expects to keep them there for several more years), severely weakening the US dollar.
This stands Bitcoin at a very vantage position amongst other cryptocurrencies. You can’t possibly be asking why this is the perfect time to invest in bitcoin, could you? There’s a set limit to the number of bitcoins on the planet, and investors believe that once the supply runs out, the digital coin’s value can only increase.
Alongside it being the most attractive, it’s being aided by bitcoin’s increasing valuation. Gigantic and prominent investors are stockpiling it, and huge consumer companies are adopting it. It thus lays emphasis on validity and attraction to cryptocurrency for mainstream investors. Take for an instance, a top executive at BlackRock (BLK) of recent, claimed that the cryptocurrency can replace gold, and Square (SQ).
The recent cryptocurrency surge is showing signs of a more increase, experts claim. Even though Bitcoin watchers have predicted more surge in bitcoin, they also opine that it is going to be volatile. It would do you good to get set for it.
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