Wednesday, May 31, 2023

Bitcoin breaks records by crossing $29,000

Global pandemic has made 2020 a stressful year but in the end everything seems to work out as better because of the development of multiple vaccines. In the same way Bitcoin also had its best effect by the end of 2020 as it has crossed the value of $29,000 and set a new mark on the last day of the year, 31st December.

The digital crypto currency- bitcoin had reached to a price of $29,300 before falling to 0.67 percent that was to $28,744.36. It also rose by almost 50% in the previous month, December alone. It also beat the barrier of a value of $20,000 around 16th December and since then it has been rapidly climbing. Since the month of October the currency has been rapidly raising.

It is now expected that this stock will not grow continuously in the current month, January as it’s the relative strength indicator that suggests that the currency is now an overbought territory.

Moreover, the Bitcoin is asserting its own space in the financial ecosystem by rising to the prices that we have never seen before. As the digital currencies are starting to soon be accepted as an easy payment method worldwide and it seems that the boom of it like the digital currencies, especially the Bitcoin is very unlikely to end in the coming future because we can clearly see the growth of it.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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