Bitcoin has made history within hours! Yes, for the first time in the history of Bitcoin price, it has skyrocketed above $30,000, creating a momentous shake in the entire industry of digital currency. Coindesk portal reported this Saturday that it took only a few hours for the price of Bitcoin to bounce up to $ 31,000 and this is indeed shocking!
The virtual currency was developed by Satoshi Nakamoto in 2009 based on block chain technology that allows the digital transaction to be recorded and distributed but not to be edited according to Investopedia. The mashing a historical record was nothing that took place at a slow pace. It occurred in a neck breaking speed and this was something that left the world bemused.
The price of the world’s most popular cryptocurrency traded as high as $31,824 early Saturday, with almost all other markets closed over the first weekend in 2021. It ended up about 8% at $31,743. Bitcoin advanced more than 300% in 2020, and with the latest leg higher has added more than 50% since crossing $20,000 just two weeks ago. Hence, in the last 24 hours , the maximum value of the cryptocurrency has been $ 32,933.46 at 13:14 GMT, which represents an approximate increase of 6.9 percent since the opening of that session.
Bitcoin has exited 2020 with a bang!
Analyzing the statistical trajectory of this unexpected upsurge of Bitcoin, it got rallied to more than 290% from the previous year, and 43% last December alone, which made it its best month since May 2019. This has in turn contributed to the potential of this cryptocurrency, generating quick profits and the same expectations for the possibility of becoming a conventional payment method. Thus the increase in value has obtained and triggered the demand for Bitcoin among the investors.
The investors said limited supply of bitcoin – produced by so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles – has helped power upward moves over recent days.
Some also saw it as a safe-haven play during the COVID-19 pandemic, akin to gold. It trades on numerous exchanges, the largest of which is Coinbase, which is itself preparing to go public and become the first such platform to list on Wall Street.
Also, it should be remembered that Bitcoin is not attached to any asset or national economy, it was created by an anonymous network in 2008. However, its value has rampant ups and downs. In 2017 it started with a value of less than $ 1,000, between November and December of that year, its price shot up. In the course of 2018, it fell again, reaching just over $ 3,000.