Bitcoin keeps setting new records
Bitcoin hit a new record high of $40,0367 on Thursday making the whole cryptocurrency market value surpass $1 trillion.
This is a 9.1% increase from the last trading which was recorded at $38,885. In the past 12 months, the value of the currency has risen by 400%. The value has also increased by 30% since the start of 2021.
Bitcoin, which is the leading cryptocurrency, has a market value of over $700 billion. Its resurgence has been associated with an increase in purchases from large institutional investors such as Paul Tudor Jones.
The cryptocurrency has also been referred to as digital gold based on its ability to hedge against inflation and the fact that it is a safe asset.
In the recent past, many investors have jumped on the bandwagon due to the fear of missing out on easy and quick-gain investments.
Also, other moves from financial firms have helped in the rise of the Bitcoin’s value. For instance, the launch of a feature by PayPal whereby users can invest in the digital currency has been pivotal in the growth of the currency. The current adoption of Bitcoin as a means of payment has also contributed to this.
However, Bitcoin critics such as David Rosenberg have called the currency a bubble, citing the abnormal growth in such a short period.
We’ve reported that Coinbase made the decision to suspend the XRP trading pairs on its platform. Trading will be fully suspended on Tuesday, January 19, 2021, at 10 a.m. Pacific Standard Time.