The king of all-time highs has yet crossed another milestone. Less than forty-eight hours ago, the price of one Bitcoin increased to a little above $50,000. Just few hours after it crossed the $50,000 landmark, the price of one Bitcoin shot up to $51,200.
In less than 24 hours after the value of one Bitcoin shot up to $51,200 from the remarkable $50,000 milestone, the value increased by 8.3 percent and set a new all-time high of $52,000. This record was set in the same day Bitcoin rose to $51,200.
The current market capitalisation of Bitcoin as at the time of this writing stood at over $972 billion. The market capitalisation for the entire cryptocurrency market stood at a little above $1.5 trillion. This validates the title of ‘internet gold’ that Bitcoin has.
Bitcoin is undefeated when it comes to surprises and surpassing expectations. When the price of one Bitcoin rose to $51,200, some cryptocurrency analyst were so sure that the value would fall; they described the price as unstable and blamed the inrush on speculative flows.
Other cryptocurrency analyst are of the opinion that the price of Bitcoin will continue to rise and even get as high as $70,000 before the middle of the year.
The interest for Bitcoin (and cryptocurrency) has been particularly strong this year since it started in January. Since Tesla’s involvement with Bitcoin and promising that it would accept the famous cryptocurrency as a means of payment for its electric cars, Bitcoin has seen a steady rise. Many other global companies and financial institutions have joined in associating with Bitcoin. These kinds of associations continue to increase the fame as well as the acceptance of the cryptocurrency among people. More popular companies, payment platforms and soon local businesses will soon start investing in and using Bitcoin.
With this rate of increase who knows if Bitcoin’s value would rise to $53,000 before the end of today, and $60,000 before the end of the week. It might even get to $70,000 before the end of the first quarter of the year.
We’d be bringing you more of this as the who Bitcoin story unfolds.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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