TL; DR separation:
- Bitcoin hits a record high of $ 69044.
- Bitcoin has shown tremendous support in the $ 65,000 area.
- Wider acceptance of cryptocurrencies and rising inflation represent a strong future for Bitcoin.
Bitcoin, the most popular cryptocurrency in the world, has reached its peak today $ 69,044. The jump occurred just two days after its previous ATH of about $ 68,000. Bitcoin has grown by about 8% in a week.
Bitcoin continued to rise last month and has since consolidated and tested support at $ 63,000 since late October. However, it seems that Bitcoin may start another upward trend, as it is reaching the $ 70,000 mark after a week full of positive news about this leading digital currency.
Why is bitcoin on the rise?
Yesterday, Apple CEO Tim Cook revealed that he owns both Bitcoin and Atrium, the two leading coins in the market. The price of both Bitcoin and Atrium peaked almost simultaneously today.
This is not the only factor in Bitcoin’s continued success over the past few months. Bitcoin has gained tremendous support and confidence during the third quarter of this year, convincing investors to keep more bitcoins and add them to their portfolio.
Some investors do not even expect Bitcoin to decline because they are buying at any current price. Bitcoin trading volume has been very stable since last month. This is because investors are confident that the value of bitcoin will go much higher in the long run, even beyond the $ 100,000 mark.
Earlier last week, the mayors of Miami and New York announced that they were getting their paychecks for bitcoin. In addition, the mass adoption of bitcoin in El Salvador as a national currency has been widely successful so far. The country has already announced plans to build 20 new schools based on bitcoin. It seems that every day there is a new title about the acceptance of bitcoin in different industries. Earlier today, South American real estate giants La Haus announced that they are now accepting BTC payments.
Therefore, these factors have created tremendous confidence in the leading digital currency. Earlier this year, it plummeted due to environmental concerns about BTC mining. However, it has fully returned in the last quarter of the year.
Will Bitcoin reach $ 100,000 before the new year?
Bitcoin is gaining momentum to keep up with new history records. However, $ 100,000 may be more than expected for the next 50 days. But there are signs of optimism on the horizon.
As recorded in October, the US consumer price index rose 6.2 percent over a 12-month period, the highest rate in nearly 30 years. Inflation has skyrocketedWhich is bad for our community, but it’s a good sign for the owners of the cryptocurrencies. Whenever inflation peaks, stored assets are valued as such Gold and Bitcoin Also increases.
So, the prospect of bitcoin reaching $ 100 by the end of the year may be a little too optimistic, but it will by no means be impossible or surprising. Bitcoin is currently in trading $ 66,355.