On Christmas Eve, Bitcoin’s value rose to $51,000, its highest level in more than two weeks. The world’s largest and oldest cryptocurrency has increased by about 4 percent in recent days.
In Asian transactions, the value of the cryptocurrency even reached $51,524 at a time on Friday. This increase was due to the generally positive mood in financial markets. By 2021, digital assets known for instability have grown by about 76% so far. Bitcoin lost more than $18,000 (about rupees 13.50) in November after hitting a record high of $69,000 (about rupees 51.77) earlier this month.
Bitcoin price volatility has fascinated many people over the last decade. So far, 2021 has been a turbulent year for many cryptocurrencies, driven by Bitcoin and its price.
Cryptocurrency prices peaked in April and May. However, the excitement did not last long, and Bitcoin entered a downward phase. The trend remained grim until the first Bitcoin Futures (ETF) debuted on the New York Stock Exchange (NYSE) in October. Displayed with the ticker name BITO. It is the cornerstone of cryptocurrency and is seen as another step towards big investments.
Meanwhile, all the discussion about energy consumption in Bitcoin mining also affects the value of the cryptocurrency. However, El Salvador later recognized Bitcoin as a fiat currency and was the first country to use cryptocurrency as a medium of exchange for goods and services on September 7. In some ways, the move in El Salvador could encourage other countries in the region to make similar breakthroughs.
Investors made huge profits after Bitcoin price hit nearly $69,000 (roughly Rs 51.77) in November. However, his health was short-lived when the World Health Organization (WHO) announced the development of the Omicron COVID mutant. Once again hit the cryptocurrency price.
With this new price increase, will the value of Bitcoin continue to rise or fall? For now, it remains an unsolved problem that can only be understood with time.
Ether, the second largest coin in the world, is quoted at 4,100 US dollars (about 3.07 rupees).