Bitcoin crossed $50,000 | Hits Over 3 Months High LevelAugust 23, 2021
In case you missed it, Bitcoin crossed $50,000 on 23rd 2021 August. This is the second time in 2018 that bitcoin has crossed this benchmark and it’s still climbing (as of writing this).
Bitcoin has outperformed all other asset classes in 2018 and while there is no guarantee that bitcoin prices will continue to climb at the same rate, there does seem to be some enthusiasm in the cryptocurrency market.
The Bitcoin exchanges and other cryptocurrencies are doing well as a whole and are gaining more global recognition. Bitcoin’s market cap is currently around $250 billion and it is the biggest cryptocurrency on the market by far, although it represents only about half of 1% of the world’s currency supply.
This is positive news for Bitcoin investors, although it doesn’t mean that we’re out of the woods yet. Bitcoin has been on a downward trend in 2018 and while there remains some hope that this trend may reverse, at this point it seems unlikely.
There are still some concerns about the scalability of bitcoin and many people believe there are better, more innovative cryptocurrencies than bitcoin. This is true but it’s important to remember that bitcoin leads the cryptocurrency market by a vast margin and it plays a huge role in the overall economy of blockchain technology.
The fact that Bitcoin has been able to climb back over $50,000 is also good news for the cryptocurrency market as a whole and it indicates that there remains strong support for cryptocurrencies as a whole. In addition, new money continues to flow into the cryptocurrency market, which is also good news for investors.
It’s not clear if bitcoin is doomed to fail, or if it will manage to continue climbing back up. We may never know what happens in the future and whether or not bitcoin will collapse entirely.
It’s possible that the long-awaited government regulations could come down heavy and wipe out the crypto market entirely. This wouldn’t be a good thing for anyone who has already invested their money in cryptocurrencies, but it would be a big win for governments that haven’t been able to stop cryptocurrencies from growing despite their efforts.
Bitcoin remains the king of cryptocurrency at this point although there are new currencies that have emerged with far better technology than bitcoin has.
Bitcoin crosses $50,000 again for the first time in three years. This cryptocurrency was created in 2009 and back then a single bitcoin cost only a few US dollars. As of late December 2017, one bitcoin is worth $12,000. Bitcoin has shot up enormously with sales from the Christmas season last year. Demand from investors and speculators led to a price rise that many think will continue this year and next as well.
The currency has had an interesting journey from when it was first brought into the world. In the beginning, bitcoin was created as a kind of reward for mining. People who logged in could use their computer to help solve mathematical problems and by doing so they could earn a small amount of bitcoin as a reward. It is unclear who Bitcoin founder Satoshi Nakamoto is but there are many theories about it. One theory is that he appeared in 2009 when he had written the code for this cryptocurrency and started mining it himself before releasing it on the internet so that others could take part too.
Bitcoin has become increasingly popular in recent years, and the cryptocurrency is now more valuable than all but a handful of foreign currencies. Its market capitalization – the value of all bitcoin in circulation worldwide – passed US$100 billion for the first time in early November, according to Coinmarketcap.com.
In December 2015, China banned trading in bitcoin and other digital currencies on exchanges within its borders, prohibiting financial institutions from doing business with them as well. At the beginning of 2017, the price of bitcoin rallied to over $1000 and then dropped below $900 by mid-April. In April, the United States Securities Exchange Commission rejected a bid by Tyler and Cameron Winklevoss to list a bitcoin-based exchange-traded fund on the Bats BZX Exchange, an American stock exchange.
In June 2016, it was reported that a group of miners in China had filed a lawsuit to reverse a government ban that halted trading on domestic exchanges of virtual currency, citing unfair competition against foreign exchanges.
In September 2016, it was announced that blockchain startup Factom had raised $4.2 million in Series A funding.