Bitcoin Records All-time High Price
Bitcoin, the leading and most popular cryptocurrency today, has made an impressive mark in its own history after registering a new all-time high.
According to a report published in The Independent, Bitcoin was trading at more than $63,300, as reflected in CoinMarketCap’s price index. It was the first time that the cryptocurrency reached above $62,000, setting an all-time high. This also meant that Bitcoin, in value, has risen by more than 1,000% in a year, an incredible feat for the ever-growing digital currency.
Simon Peters, a market analyst at eToro was quoted by The Independent in saying that “Bitcoin’s price has surged once again thanks to a number of factors, including new demand from institutional investors and wealth managers offering crypto-asset exposure to clients.”
Other cryptocurrencies flex muscle
Ethereum and Dogecoin have also recorded a significant rise in their prices over the past few months and are currently trading close to their record highs.
As for Bitcoin, its latest record-high came when Coinbase, the world’s largest cryptocurrency exchange, is preparing to go public. According to some reports, Coinbase was used by Tesla to acquire $1.5 billion worth of Bitcoin along with big institutional investors that decided to join the market last year.
It marked the first time that a company pioneering in cryptocurrencies introduced an Initial Public Offering or IPO.
Stock market analysts are already saying that the move could result in values at around $100 billion.
Bitcoin, the digital gold
More and more investors today are referring to Bitcoin as a form of Digital Gold, said to be a “safe-haven” asset, especially during difficult and challenging times. This is mainly due to the fact that the cryptocurrency has a finite supply, projected at 21 million.
The current situation of economies around the world has also forced governments to give stimulus packages and other initiatives to help save jobs and businesses. Due to these inflationary tactics, some market analysts believed that normal and traditional currencies would soon lose their value to Bitcoin and other commodities with limited supply.
According to a head of capital markets at ITI Capital, more investors are losing confidence in savings and have come to realize that Bitcoin is “better at being gold than gold” itself.
Image courtesy of Alesia Kozik/Pexels
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Source: https://bitcoinerx.com/bitcoin/bitcoin-btc-balloons-to-more-than-1000-in-a-year/
