Bitcoin , the biggest name in the cryptocurrency world , managed to break its records and surpass the $30,000 mark for the first time, reaching as high as $34,000. We all remember that 2020 was a strange year even for Bitcoin, which faced some issues due to the COVID-19 pandemic .
What could this sharp increase in the value of the cryptocurrency? There are many hypotheses. Perhaps investors see it as a way to keep their money safe during the worst economic downturn since 2008. Whatever the reason, the result is one: Bitcoin started the new year strongly with an all-time high price.
This is the third record that Bitcoin has broken in just a few days. The first record was set on December 16 when its value reached $20,000 for the first time. On January 2, Bitcoin surpassed $30,000 and yesterday it reached as high as $34,182.75, before falling to $33,970 at 3:05 p.m. in Singapore.
Bitcoin’s recent victories are even more impressive when you consider what was happening about a year ago. In March 2020, when much of the Western world was grappling with COVID-19 and the economic instability that accompanied the virus, the price of Bitcoin fell to $4,000.
The largest cryptocurrency has seen many ups and downs in the past year. But now, it has managed to reach an all-time high. This shows how quickly things can change when it comes to cryptocurrencies.
Experts believe that Bitcoin could reach $50,000 within the first quarter of 2021.
According to a report by Bloomberg Intelligence strategist Mike McGlone, Bitcoin “is increasingly favored in global investment portfolios, and its holders are no longer just tech geeks and speculators.”
We look forward to seeing his progress in the coming weeks.
Source: Bloomberg
