It is enumerated that Bitcoin continued its successful rally on the third day of 2021. The most familiar cryptocurrency surged past $34,000, the day of Bitcoin Network’s 12-year anniversary. The massive development came within 24 hours of Bitcoin crossing the $30,000 milestone.
So with another above $1,000 surge, Bitcoin’s value has immensely increased around $5,000 in the within the first three days of 2021, bringing its year-to-date returns to 12 per cent according to reports.
Primarily Bitcoin had crossed the $30,000 mark for the first time. During early trade the digital currency reached an all-time high of $34,544.94. It later gave up some gains to hover around $33,000. Bitcoin’s rapid surge during the past three days comes in the backdrop of a historic year when the digital currency gave more than 300 per cent returns, surpassing even safe-haven investment avenues like gold and silver.
It is learnt that the main reason behind the rise of Bitcoin might be bulk buying by big US investors. They would expect to make quick gains amid some positive developments around the cryptocurrency, comprising speculations that it could become a mainstream payment method.
It was a major jump in Bitcoin price — from $5,000 to $25,000 — was actually seen after online payment major PayPal announced in March that they would enable its account holders to use Bitcoin. This primarily marks a colossal 400 per cent increase in the past eight months. In addition one of India’s largest cryptocurrency exchanges has virtually predicted that Bitcoin’s value could hit over $135,000 by 2030.
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