Cryptocurrency markets were on fire today as Bitcoin, the leading digital currency, surged to a new all-time high of $30,000. The surge is attributed to increasing investor demand for digital assets and the news of PayPal now allowing customers to buy, sell and hold Bitcoin, Ethereum and four other leading coins.
The 24-hour gain of Bitcoin rose to nearly 5%, and the total market capitalization also increased to over $750 Billion.
The surge in Bitcoin and the overall crypto market was bolstered by the news that an increasing number of institutional investors and hedge funds are entering the crypto market. PayPal’s announcement was just the latest to show the growing acceptance of cryptocurrencies.
Moreover, the increasing demand for Bitcoin and other digital coins have been the prime driver for the rising prices of cryptocurrencies. During the course of 2020, Bitcoin’s prices rose by nearly 300%, gaining even more traction towards the end of the year with a massive rally during the last month of December. A few analysts have pointed at the upcoming presidential inauguration of Joe Biden as another possible reason behind Bitcoin’s surge.
The rally in Bitcoin’s price has reinforced the notion of cryptocurrencies being the preferred asset of choice for investors who are in search of digital assets with faster transactions and less volatile nature compared to gold and stocks. Crypto investors believe that Bitcoin will continue its steady rise and break $50,000 at some point in 2021.
With Bitcoin surging to a record level of $30,000, it is clear that the cryptocurrency industry is gaining more acceptance as a valid form of digital currency. Investors, both institutional and retail, are turning to digital currencies in search of potential gains. Moreover, the recent PayPal announcement adds more confidence to the industry as it allowed customers to purchase, sell, and hold cryptocurrencies directly in the app. As the crypto market continues to gain momentum, 2021 looks to be a promising year for cryptocurrencies.
Robert Ward
- 2023-04-11
Bitcoin Hits Record High of $30,000
The leading digital currency, Bitcoin surged to a new all-time high of $30,000, as investor demand for digital assets grows. The news of PayPal now allowing customers to buy, sell and hold Bitcoin, Ethereum and other leading coins further boosted the surge in Bitcoin and the overall crypto market.
