Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark.
Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token began its slow but steady rise in value. In the past few weeks, its price skyrocketed and has today surpassed $41,000.
Analysts have provided several explanations for this monumental climb. Speculative retail traders are likely to have played a major role. Using popular platforms, such as eToro and Coinbase, they were able to effect timely trades and benefit from the volatile market. As the price shot through Bitcoin’s last record-breaking value, institutional investors quant funds, and new investors certainly hopped on the bandwagon.
As has happened in the past, Bitcoin’s price surge has led to renewed interest in other cryptocurrencies. Ethereum, Bitcoin Cash, and Litecoin have also witnessed a significant increase in value, contributing towards the sector’s current $1 trillion valuation.
The question on everybody’s mind remains, will Bitcoin’s price continue to rise?
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