Bitcoin passes $20,000 yesterday...
Published: 17th December 2020 | Source: Coindesk - For Bitcoin Pricing | Author: Mark Campbell
Bitcoin's value has risen to over $23,000 - A $3,000 increase in 24 hours
Over the past 24 hours, Bitcoin's value has increased by over $3,000, bringing the digital currency's value to all-new heights. Today, a single bitcoin is worth more than $23,000. and some analysts are predicting further increases in value as we enter in 2021.
Bitcoin hasn't just recovered from its 2017 crash; its value has reached an all-time high. Some analysts have predicted that Bitcoin's value could climb to over $100,000 over the course of 2021; that said, the value of Bitcoin has already dropped below its new high of $23,441.60, and it is possible that the market could crash again if enough investors cash out.
While Bitcoin's value may make little sense to some, neither does the current state of the global economy. The US stock market is booming despite higher levels of unemployment within the country, making today's Bitcoin value no less crazy than the value of many stocks and shares.
The recent increase in Bitcoin's value has been partially fueled by increased use of the currency by mainstream payment companies. Paypal is already preparing to support Bitcoin, and Square already supports the currency. Institutional demand for the currency is also increasing, with some seeing Bitcoin as "digital gold".
Bitcoin hasn't just recovered from its 2017 crash; its value has reached an all-time high. Some analysts have predicted that Bitcoin's value could climb to over $100,000 over the course of 2021; that said, the value of Bitcoin has already dropped below its new high of $23,441.60, and it is possible that the market could crash again if enough investors cash out.
While Bitcoin's value may make little sense to some, neither does the current state of the global economy. The US stock market is booming despite higher levels of unemployment within the country, making today's Bitcoin value no less crazy than the value of many stocks and shares.
The recent increase in Bitcoin's value has been partially fueled by increased use of the currency by mainstream payment companies. Paypal is already preparing to support Bitcoin, and Square already supports the currency. Institutional demand for the currency is also increasing, with some seeing Bitcoin as "digital gold".
As always, we will say that investing in cryptocurrencies is a risky venture. Cryptocurrencies have seen several rapid increases in value and painful crashes over the past few years. Generating a profit is not guaranteed, and exiting the market at the wrong time could result in hefty financial losses.
You can join the discussion on Bitcoin's value increasing to over $23,000 on the OC3D Forums .
Most Recent Comments
17-12-2020, 11:30:58
Dark NighTI will never understand why people value this as much as they do, yeah it's been used as a payment method but it will never be reconized as a true currency for the world economy. Quote
17-12-2020, 12:21:32
tgrechThink the thing it would most likely replace, and that it's primarily used as an alternative for now, is Gold (IE a commodity useful as a secure store of wealth), the "secureness" often being of much more value in places with strong internet infrastructure but relatively unstable central governments such as much of Africa, or in countries where govts. restrict the transfer of valuable commodities and such. In this sense bitcoins market valuation isn't crazy high, with a total market cap of $350Bn vs Gold for examples $9Tn
Bitcoin is lacking quite a lot of things for it to become a real practical currency, though it has likely laid the foundations tech wise for many future real practical (In many cases national) currencies. It's only a matter of time until more govts. start considering the lack of ability to counterfeit money worth the cost of transitioning your nation to a blockchain based fiat Quote
Bitcoin is lacking quite a lot of things for it to become a real practical currency, though it has likely laid the foundations tech wise for many future real practical (In many cases national) currencies. It's only a matter of time until more govts. start considering the lack of ability to counterfeit money worth the cost of transitioning your nation to a blockchain based fiat Quote