Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
Just a few weeks after topping the $50,000 mark, cryptocurrency bitcoin hit a new record high of $60,000 on Sunday.
The digital currency hit $60,197 at 12:34 GMT and continued to hover around $60,000, according to the website CoinMarketCap.
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“After 20 years as a trader, I’m frankly not excited by this latest all-time high Bitcoin price, but I do enjoy the rocket-emoji messages in my inbox. My old veteran’s advice is still: education first. Learn why rallies happen and why they always end. What goes up must come down, so don’t get distracted by price guessing (I won’t say predictions). Never blindly chase a rally in any market,” Vikram Rangala, Chief Marketing Officer at ZebPay, told IANS.
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Within a few days, Bitcoin hit the $30,000 and $40,000 levels over a period of few days in January. The circulation of Bitcoins is worth more than $1 trillion.
The value of Bitcoins has risen more than double this year, up to 107 per cent from December 31 closing price of $28,987.60 after tech billionaire Elon Musk’s electric vehicle company Tesla invested $1.5 billion in it. The electric automaker also said that it was looking to letting customers to buy its cars via Bitcoins.
Bitcoin, which was launched back in 2009, hit the headlines in 2017 after soaring from less than $1,000 in January to almost $20,000 in December of the same year.
Buyers are aggressively accumulating more and more Bitcoin (BTC). This is the driving factor that has propelled the price growth of BTC towards this new all-time high value.
After the unit crossed $1,000 for the first time in 2013, it has been increasingly attracting the attention of financial institutions.
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