Key Takeaways
- Bitcoin crosses the $40K mark after 18 months.
- Altcoin and Bitcoin dependents are also seeing a bull run.
- Panic buying, low interest rates, and anticipation of approval from ETFs are seen as major factors in this.
- Crypto stocks like Coinbase and Microstrategy also saw a good rise.
The most prominent crypto, Bitcoin, has crossed $40k for the first time in over 18 months. In fact, at the time of writing this information, Bitcoin was around $41,700.
The $40,000 mark is a piece of very good news for crypto investors after a long time. From 2021–22, bitcoin prices saw some drastic fluctuations, reaching an all-time high of $68,000 and a lowest of $15,500 in those two years.
Furthermore, Bitcoin having four consecutive days of bull runs could be a sign of renewed interest and confidence from investors and might pave the way for further adoption.
Bitcoin’s dependents, like Bitcoin Cash, along with other altcoins, are also seeing a bullish run.
We have mentioned how Bitcoin, along with other cryptos like Ethereum, has seen signs of stability in 2023.
Similarly, gold also crossed the $2,000 mark, and many people see a correlation between the two by referring to Bitcoin as ‘Digital Gold’.
Note:
However, it’s important to note and learn from history that Bitcoin and other cryptocurrencies are still in a highly volatile category, so investments in them need to be done after properly assessing the risks and benefits.
The Future of Bitcoin
Stability itself is a good indicator of a promising future, but since we are talking about cryptocurrencies, take it with a pinch of salt.
Many reputable sources have predicted the potential valuation of Bitcoin in 2024:
- Standard Chartered: $100,000
- Bloomberg Intelligence: $100,000
- Arcane Research: $70,000
- GlobalData: $65,000
- Cryptocurrency Price Prediction: $60,000
How these numerical estimates come to life remains to be seen.
Greetings, I’m Akriti Gupta, a recent graduate from Delhi University. My pursuit in life revolves around an insatiable curiosity to explore and acquire new knowledge, fostering personal growth while nurturing a sense of compassion and goodness within me. Among my passions, painting, calligraphy, doodling, and singing stand as the cornerstones of my creative expression. These hobbies not only serve as outlets for my imagination but also as mediums through which I continually learn and evolve.
