(via ZEXPR) Even after all the hurdles Bitcoin does not seem to be shaken at all. Cryptocurrency keeps on increasing and hitting new highs every day. Currently, Bitcoin has a value of 57,695.70 (29 March, 4:54 pm UTC). 2020 was a very scary roller-coaster. We faced a huge pandemic that put the entire population in a lockdown that it has never faced. There was market uncertainty where nobody knew what was going to happen because of a fast change from fiat money to digital transactions. The entire world changed right Infront of our eyes and everybody experienced it.
Even with all the scary and unthinkable changes we have observed a fast rise in financial assets. Most of the cryptocurrency has launched its own rocket. This completely new-age Bitcoin currency saw a considerable rise in price from $3,891.05 in March 2020 to a high of 57,695.70 in March 2021. See that! It is unbelievable.
Now we have all also observed that Bitcoin tends to rise and fall very quickly which makes it very volatile. The Investment Center analyst Joe Lewis believes that with this speed Bitcoin is bound to hit the ultimate high of hitting 100K, considering many bit investors have joined in the bandwagon.
How Has Bitcoin Reached Its High Today?
When Bitcoin was introduced back in 2009 it was at a price of $0, though it managed to find a loophole in the financial system so it could be launched. Who knew there are people (crypto nerds) who would be able to mine the currency and develop it to unimaginable highs?
As the years passed the currency managed to increase in value and for the first time in 2009, it hit its $1,000 mark. As I have mentioned that bitcoin has gone through its fair share of highs and lows so in 2018 it reached the high of $19,000 and just like it hit a rock bottom at $5,000 in 2020.
Since then, you can see it’s been a year and it has managed to give us an unpredictable high.
Now Let’s talk about what hit Bitcoin fast and hard.
1. The Effect of the Pandemic
Due to this long-lasting coronavirus that has taken over our lives, people say that Bitcoin could be used as a hedge fund and it was providing more security than ever before. If the big companies like Tesla, MicroStrategy, Tesla, Square, and many more could go ahead and make a big investment in Bitcoin, affirming that it should be a store of value and medium of exchange in the market against the big ol’ inflation. Because of this many other companies like PayPal have introduced Bitcoin as a payment method.
2. Third Halving of Bitcoin
What do you know about halving? It is where once every 4 years the rewards of Bitcoin are removed and cut down by half. That’s interesting. Bitcoin halving just occurred in May 2020 where it was reduced from a mining reward of 12.5 BTC to 6.25 BT. The higher demand was thus called for when this halving occurred.
Due to the pandemic, the slow and steady rally started increasing in October 2020. Because of the increasing rally bitcoin reached a high of $20,000 in December 2020 and crossed even the amount in January 2021 by $40,000. Now continuing its high trend, it reached $50,000 in February 2021.
Now Bitcoin is going at a rate of 57,695.70 (29 March, 4:54 pm UTC) at the time of writing this article. Now, it feels like every minute the price is increasing and it does not slow down.
Could Bitcoin Actually Hit 100K This Year?
Because many other investors have joined the race of investing in Bitcoin and as it is now associated with big companies like Tesla, MicroStrategy, PayPal, etc. Most institutions are now after the same strategy that these big companies are following. Also, it seems like as soon as Tesla invests in Bitcoin that people rushed after digital currency like madmen. It was really surprising to see how digital currency was able to reach such a high in a short amount of time.
The recent development has proved that it will keep on increasing and very soon probably by the end of 2021 it will reach the ultimate high of 100K. So, keep on watching the digital currency to excel in this new age.
Should You Invest in Bitcoin?
I would say that now is your chance to delve into exciting digital assets like Bitcoin. The history and current year performance show that Digital transactions will never go back to the olden days. It has seen something very striking and will keep on upgrading its strategies. We can easily say that there are a lot of margins that Bitcoin has set for itself. So, go ahead try something new.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.