Bitcoin has crossed the high of the last three years – The largest cryptocurrency returns to the first page. This year, its value has risen nearly 400% to, 18,000 USD. The current development is reminiscent of the 2017 Development Rally.
Investors who believe in the development of the oldest cryptocurrency, such as Bitcoin, have paid off despite previous slaps in the face. A few days ago, the value of Bitcoin reached 17,000 USD, which was last traded in 2018, and soon crossed the 18,000 USD mark. Since the beginning of the year, the price of digital currency has risen 370% and the current market situation supports it for the future.
Bitcoin fell more than $ 4,000 at the start of the COVID-19 epidemic in March and is currently green. According to some experts, this increase can be compared to 2017, when the value of digital currency reached an all-time high of 20,000 USD.
We can observe many reasons for current development. One of the most famous is the continued deregulation of the central bank’s monetary policy. Undoubtedly, the results of the US election were also indicators of growth, indicating that reaching the sens cam in the political arena would be a challenging task for high-ranking officials.
Additionally, PayPal has officially confirmed that it will allow customers to buy, sell, and use Bitcoin-powered cryptocurrencies for payment through its platform from next year.
There is another reason for the development, a split in Bitcoin that took place in May of this year and has halved the prize for more cryptocurrency mining. The split effect has pushed up the price of bitcoin over the past few months or years.
And it turns out that no rocket prices have risen this year since the split, probably because of the Crown Crisis and the market uncertainty associated with the U.S. trade war, which is likely to expand in the long run. China. Is used. Not to mention the growing interest in cryptocurrencies from big investors …
Undoubtedly, investors ’optimism was also reflected in the words of Tom Fitzpatrick, CEO of Citi Funk, who spoke of Bitcoin as new gold and estimated the value of the cryptocurrency to be 318,000 USD in 2021. Bitcoin has crossed the high of the last three years
Currently, Santoshi Nakamoto, the creator of this digital currency, has set out that out of a total of 21 million bitcoins, more than 18.5 million have been mined.
According to Coinmarketcap.com, the current cryptocurrency market cap is 323 billion USD, with Wikipedia dominating the cryptocurrency market. By comparison, in mid-March 2020, Bitcoin’s market capitalization dropped “to $56 billion,” from an all-time high of $508 billion in 2017.
We have seen its death during the existence of Bitcoin. Expressions like “Bitcoin is dead” have been seen many times in its history, and not so long ago. In 2018, Paul Donovan, chief economist at UBS Global Management, said he had come to bury Bitcoin, not to pray for it.
These words from representatives of the eleventh largest bank in Europe came at a time when cryptocurrency was having its worst time in seven years. The situation has changed rapidly since then and at the moment it seems that Bitcoin has not yet shown its full potential.