For the first time in its entire 12 year Bitcoin Price history, on Sunday, the world’s most well-known cryptocurrency smashed through $34,000 before losing ground to nearly $30,000.
Well-known Bitcoin cryptocurrency has experienced rapid swings over a few days, and it dropped dramatically on Monday, losing ground from a record high of $34,800 to nearly $30,000, with traders citing uncertainty on the heavily leveraged futures markets. Earlier, for the first time in its entire 12-year history on Sunday, the world’s most recognized cryptocurrency smashed through $34,000. And Touch All Time high Till 9th of January 2021 is $41950 on Binance Exchange.
The latest gains come two days after the closure of Bitcoin in a year in which the cryptocurrency increased by more than 300%, with a gain of almost 50 per cent in December alone. This year, despite ups and downs, is already shaping up to be the Bitcoin Year (BTC).
A ground-breaking evolution in BTC adaptation was already seen last year. Bitcoin has the potential, according to JPMorgan Chase & Co., to reach $146,000 in the long term.
With its value witnessing a 240 per cent jump in 2020, BTC has seen an unprecedented increase this year. These evaluations are being driven by the pandemic, according to Vladimir Signorelli, the founder of Bretton Woods Research in Long Valley, New Jersey. Buyers aggressively accumulate more and more Bitcoin. This is the driving factor that has propelled BTC’s price growth toward this new all-time high value.
The market capitalization of Bitcoin has also jumped above the $600 billion marks. A significant jump in the price of BTC — from $5,000 to $25,000 — was seen after PayPal, the major online payment, announced in March that it will enable its account holders to use bitcoin.
Since the cryptocurrency was launched in 2009, a debate has been raging about whether BTC should be seen as a form of money, an asset, or a commodity. After the unit crossed $1,000 for the first time in 2013, it has increasingly attracted financial institutions’ attention.