At the start of this year, Bitcoin was trading at around $1,000. Today, the Bitcoin price has soared to an all-time high, crossing $5,000 mark. The new record has smashed the previous bar of $5,013, which was set in early September.
Currently, Bitcoin is trading at $5,291. While the week-to-week growth is 18.75%, the month-to-month increase is around 23 percent.
This exponential growth is remarkable due to many reasons. On the one hand, China is closing Bitcoin trading in the country, Russia is planning to implement a ban on the access to Bitcoin exchange websites in the country. The Chinese crackdown was the chief factor responsible for the earlier plunging.
So, why is this rise being witnessed in the cryptocurrency world? Some are seeing that the Bitcoin bubble is yet to show more progress before bursting and running towards a downward spiral.
The next few months are inevitably going to be crucial for Bitcoin traders and trade analysts. In the past, JP Morgan CEO, Jamie Dimon, had labeled Bitcoin a fraud that would end up blowing up. Similar sentiments have also been expressed by other leaders of the banking industry. Whatever might be the reason, it’s interesting to see Bitcoin’s journey.
What are your expectations from the ongoing Bitcoin boom? Don’t forget to share your views with us.
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