Here’s some good news, folks. Bitcoin has shot up by more than ten percent at press time! The world’s number one digital currency is now trading for just shy of $48,000, the highest it’s been in weeks.
Bitcoin Is Really Starting to Move Up
The currency has had a rock-and-roll run throughout 2020 and 2021 both. In 2020, the currency fell briefly below the $4,000 per unit line. This was just as the coronavirus pandemic began permeating global economies everywhere. During this time, many people began seeing bitcoin and its crypto brethren in a whole new light. The asset took on less of a speculative appearance and more of a hedge tool appearance.
Many people began to see bitcoin as something that could keep one’s financial well-being in place. This was largely because governments around the world began printing more fiat currency to pump it back into their economies and dole out stimulus money to eligible citizens. This ultimately led to inflation and a decrease in value amongst fiat currencies like the U.S. dollar.
This didn’t fly well with people, and bitcoin suddenly became a viable answer. People began investing like mad, and by the end of that year, the currency shot past $20,000, thereby beating out its previous all-time high of just over $19,000, which was initially obtained in late 2017.
2021 has been a rockier time in many ways. During the first two quarters of the year, bitcoin reached a new peak of $64,000 per unit, the highest it’s ever been. However, from there, the currency has been on a bit of a downslope. It ultimately fell to about $29,000 per unit, thereby losing more than half its value, though not long ago, the currency shot back up beyond the $40K mark.
This has been quite a feat in many ways considering how much animosity large countries like China have held towards it. The eastern nation has sought to remove all crypto miners from its turf while also making crypto transactions and related activities illegal. Thus, anyone with digital currency in their accounts will now either be required to sell quickly or find some way to retail the money illicitly.
A Shaky Period Surpassed
This proved to be a somewhat unsteady point for bitcoin. At the time, the currency was trading for around $44,000 per unit, though it later dropped by about $2,000 once all this news permeated headlines. Now, however, it looks like the currency is on a path towards recovery, and the asset has shot up by more than $4,000.
It’s unclear if this is going to be a permanent move for the asset. After all, bitcoin has become quite unpredictable, though with figures like Mike McGlone claiming that the asset could reach $100,000 in October, maybe this is just the start of something big and special.