Leading digital currencies especially Bitcoin ended the first full week of 2021 at new heights.
Bitcoin Price Hits Nearly $41000 in 2021
In the evening of January 7, BTC reached $40,324. According to the CoinMarketCap.com trading platform, the Bitcoin rate on January 8 was $41.95 thousand. Then, at the beginning of the next day, it also exceeded $ 41 thousand. And, it stabilized around $ 40 thousand, adding more than 14% over the week.
The main cryptocurrency of the world continues to grow in price. In the afternoon of February 8, it became the news that Tesla, owned by Elon Musk, bought BTC for $1.5 billion and plans to accept payments in cryptocurrencies. After that, the Bitcoin rate updated its historical maximum, reaching $45,000. Elon Musk also said that his company is starting to invest in digital assets on a long-term basis. Over the past day, all major cryptocurrencies have grown, and DOGE has even climbed to ninth place. At night and in the first half of the day on February 9, the growth continued. So, the BTC price reached $48,018, after which it corrected to $46,400.
The Background & the Future of Bitcoin
A Look Back
The rise in the exchange rate was noted back in March last year amid news of the coronavirus pandemic and falling oil prices. We record a further increase at the end of October 2020. When the Paypal payment service announced its readiness to work with cryptocurrencies. Also, announced that from 2021 it would accept them as a means of payment. In mid-December of last year, the Bitcoin rate surpassed the $20,000 mark, which it last approached in 2017. Investors expect an international investment corporation BlackRock Inc. and American tech giant Square Inc. to join the list of companies that invest in or purchase Bitcoin soon.
Bitcoin existed since 2008, and it was created by an unknown person hiding under the name Satoshi Nakamoto. Bitcoin is a decentralized cryptocurrency based on blockchain technology. The rate of this cryptocurrency did not exceed $1000 for a long time until a sharp increase in the interest of the world community in virtual money began in 2017.
Bitcoin Price Predictions
TradingAnalysis founder Todd Gordon predicted the first cryptocurrency at $ 74,000 as early as next year. Co-founder of investment firm Morgan Creek Digital Anthony Pompliano also confirmed his forecast for Bitcoin to grow to $ 100,000 next year. Pompliano recalled that institutional-level investors, as well as billionaires, for example, Stanley Druckenmiller and Paul Tudor Jones, are increasingly investing in cryptocurrency.
Against the background of such almost instantaneous price surges, it is easy to believe in analysts’ forecasts, which promise a doubling of the price of Bitcoin next year. And some particularly optimistic scenarios suggest that the cost of 1 BTC may well reach $100,000 by 2022.
Despite everything, analysts expect Bitcoin to fall, primarily due to the instability of the cryptocurrency nature in general. In the end, the cryptocurrency may return to the levels that are observed now. But you should not expect a drop to $20 thousand in the near future.
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