Bitcoins surpassed $41000 for the very first time this Friday. And within the last one month, the cryptocurrency has increased by $32,000. And with its growing popularity now over 100,000 merchants accept this new form of digital currency. Moreover, millions of people around the world across all continents are trading them.
The success of Bitcoins
Like a forex currency, bitcoin is volatile. It has risen sharply this year but lost almost a third of its value in just over a month after peaking in December at nearly USD 28,000. Bitcoin ticker provides the latest cryptocurrency prices and lives market data. The cost of bitcoin was $40000 at roughly 2201 GMT, having jumped 10.4 percent during the trading session.
There’s a new record for the price of bitcoin. On Thursday, bitcoin’s cost hit $40,122.7, and by Friday, it reached the heights of $41000. Bitcoin has rocketed to new heights this year, almost doubling in price since January 1. The colossal gain makes the cryptocurrency the best-performing asset of 2017, despite recent regulatory crackdowns in China and South Korea, which sent bitcoin temporarily tumbling below $10,000 last week but gaining back again.
Future of the cryptocurrency
The price of bitcoin has surged to a new 2019 high following last week’s tumble. It is fresh on the heels of on-chain buying activity and increasing accumulation of big investors. The explosive growth in the number of active addresses is backed by a surge in trading volumes and rising optimism around the launch of new Bitcoin products. The network’s aggregate transaction volume has skyrocketed to 1.45 million bitcoins per day, up from just 50,000 per day in 2016 and 200,000 in early 2017.
Because investors care about several factors when investing in cryptocurrencies, I see several bullish fundamental reasons behind the recent rally. A total of 2,334 addresses hold at least 1,000 bitcoin, according to an analysis by BitInfoCharts.com. This is essentially the Bitcoin “rich list” with balances of at least $310,256,507 in total.
More about Bitcoins
With a market cap of USD 110 billion as of this writing, bitcoin has gone through a roller coaster ride since it was created 12 years ago. Meanwhile, major online shops such as Amazon, Microsoft, and Dell, with each token trading around USD, accept Bitcoins. Fast forward to a modern-day in which the boom of blockchain technology and Internet entrepreneurship has led to various speculators arguing over the true nature of Bitcoin. Is it a form of money, a commodity, or an asset? In the past two weeks, Bitcoin‘s price has gone up by almost $15,000. And, this trend in the bull is just a beginning as said by experts.
What do you think about the fact that Bitcoins surpassed $41000 and it being accepted as a new form of digital payment method? Do let us know in the comments below. Also, if you liked the content, then do not forget to share and comment.