Bitcoin price passes $50k as ‘moon’ predictions return
"Get Our Free IndyTech Newsletter Delivered Weekly To Your Inbox"
Join Our IndyTech Newsletter For Free
Bitcoin's value has crossed the $50,000 mark recently, a significant achievement in its journey of regaining its status after plummeting to under $20,000 in early 2020.
The digital currency is still far from reaching its maximum peak of approximately $69,000 that it attained in November of this year. However, a few cryptocurrency experts are of the opinion that the current surge may be able to compete with that monumentous accomplishment.
The value of Bitcoin has increased in 2024 due to more people wanting it and there being less of it available. The US Securities and Exchange Commission has permitted the use of spot exchange-traded funds for Bitcoin, making it possible for large organizations to invest in it. This has opened up the possibility of billions of dollars worth of institutional investment into Bitcoin.
A future occurrence called a halving is built into the basic structure of the bitcoin network and will cut the incentives for cryptocurrency mining by fifty percent.
The halving occurs approximately every four years and has often been associated with extraordinary surges in prices. The upcoming halving is scheduled for April and may lead to a rise in purchasing activity.
According to the CEO of Lolli, Alex Adelman, the continuous rise of Bitcoin since the beginning of this year proves that there's a growing demand among mainstream investors, specifically in Bitcoin ETFs. He believes that this demand will continue to push the prices upward with strong momentum.
Large financial companies across the globe are presently purchasing bitcoin as a means to manage the unprecedented influx of bitcoin ETF investments, offering fresh and continuous support for the cryptocurrency.
A well-known market expert, PlanB, highlighted the upcoming ETF approval and halving event by sharing rocket emojis on social media platform X (previously known as Twitter).
The anonymous expert from the Netherlands has attracted about 2 million fans on X, as his Stock-to-Flow technique was applied to give approximate predictions for the high points of past cycles.
Crypto enthusiasts are once again predicting that the value of bitcoin could skyrocket, comparing it to the market cap of gold. This comes after a recent surge in its price.
As per CompaniesMarketCap, Bitcoin has secured the 10th slot among the most expensive possessions globally. At present, it is lagging around $300 billion behind silver.
The amount of money invested in it is currently at $980 billion which is significantly smaller compared to the $13.1 trillion market cap of gold.
