A few weeks ago we spoke about The Crypto Rollercoaster. We explored reasons why crypto is volatile and which ones are holding out strong.
At the time, we wrote that article Bitcoin was experiencing a small dip due to various external factors such as political and business influences.
However, Bitcoin is striking back! Monday morning brought joy to many Bitcoin holders as the cryptocurrency hit $60,000. Today, as of 14:30 pm GMT (19.10.21) Bitcoins’ current value is $62,650.53.
The community behind Bitcoin has held strong for years now, over the past year or two in particular it has rapidly increased in both holders and utility.
It is estimated that 1.5% of the global population now holds Bitcoin. That may not sound like a large percentage, but, that equates to over 100 million people.
At the start of the year, it seemed like Bitcoin was still very unstable and was open to high risk and volatility, crypto could be manipulated too easily by external factors. Something as simple as a tweet from Elon Musk or a law change in Asia, factors like these could send the price plummeting.
On the other hand, an announcement such as El Salvador announcing a legal tender ruling or updates to blockchain technology improving security could send the price shooting back up again.
However, it would seem that over the past few months Bitcoin has become more stable. There are of course still factors that can influence it in some ways. But, we should hopefully see less dramatic changes now that the coin is showing more promising stability.
For example, at the start of summer this year China announced that it would be banning Bitcoin mining, at the time it seemed like this would cause catastrophic decreases to the value and holders of the coin.
Since then it has proven to do quite the opposite! Bitcoin has struck back against China and has risen around $10,000 in a matter of months.
Seeing stats like this has given cryptocurrency enthusiasts a lot to be happy about. Adoption, awareness and value have been increasing rapidly over the past year, not just for Bitcoin, but for many cryptocurrencies.
What do you think the future holds for Bitcoin and Cryptocurrency?
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