Bitcoin Price Hike: Bitcoin, the world’s largest cryptocurrency, set a new record on Saturday when its price crossed $1,10,000 for the first time.
Bitcoin Price Record: Bitcoin achieved a historic milestone on Saturday, when its price crossed $1,10,000 for the first time. This big news of the digital currency market has filled investors with new energy. According to CoinMarketCap, the current price of bitcoin is $1,15,550.99, showing a gain of 4.03% in the last 24 hours.
Bitcoin running at rocket speed
There are many big reasons for the price of bitcoin to skyrocket these days. Some of which we are going to tell you about today.
- A new bill has been introduced in the Senate regarding stablecoin in the US. With this, investors hope that the crypto sector can get legal recognition.
- Famous investor Michael Saylor has created an atmosphere of trust in the market by buying bitcoins worth about $50 billion.
- Former President Donald Trump has supported cryptocurrency, while his tariff policy strengthened the dollar. Bitcoin has benefited from this.
- There has been increased demand for ETFs in the market and technical signals such as short covering have pushed Bitcoin to new highs.
Will Bitcoin rise further?
According to IG market analyst Tony Sycamore, this boom has come after a correction within the bull market. He believes that Bitcoin’s next target could be $1,25,000. However, think carefully before investing
What is Bitcoin?
Bitcoin is a digital currency that you can use for transactions on the internet, and it is not under the control of any government or bank. It works on a special technology called blockchain, where the record of every transaction is kept safe. Bitcoin is created by computers through a process called mining, and its price keeps fluctuating according to the demand and supply in the market. You can send money to someone or even invest with it, but its value is highly volatile, so along with risk, prudence is also necessary.