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Bitcoin has hit another all-time high. The currency – which just yesterday was trading for around $35,000 per unit – has added another $4,000 to its price and is now trading for around $39,000. This, ultimately, is a slight pullback from where the currency was during the early morning hours after it hit a whopping $40,000 per unit for the first time in its short yet significant history.
Bitcoin Has Surged Again!
The surge came with a few repercussions such as Coinbase crashing for the umpteenth time, though the exchange appears to be operational again at press time.
There really are no words to describe just how strong the currency has become in the last year. The asset was trading for around $7,000 last January – nearly six times less than what it is today. The currency – despite a troubling year in 2020 – was able to remain bullish and rush to the front of the financial ladder, outdoing gold’s growth and the expansion of stocks during those 12 months.
Now, at nearly $40,000, one can’t help but wonder how much stronger it will become. With enough of a push, there’s no reason as to why the asset cannot reach six figures by the beginning of 2022. Heck, the currency has managed to add roughly $10,000 to its price since last month alone!
As usual, speculation is emerging regarding why people are suddenly so fond of BTC and why they’re so eager to take part in the crypto craze that’s been going on for the past several months. Typical ideas involve COVID, overprinting of funds, inflation or the fact that it keeps rising and people are experiencing FOMO (fear of missing out).
However, according to Sergey Nazarov – co-founder of Chainlink – people are just downright sick of banks and traditional financial institutions, and thus feel far more trusting of cryptocurrencies. In a recent interview, he states:
While outsiders may view the value of the over $1 trillion cryptocurrency industry as an incredibly significant milestone, it is actually still in one of its early stages of development and growth.
Things Are Just Getting Started
This suggests that the industry is about to get a whole lot bigger. The good news is that the entire crypto space is now valued at well over $1 trillion, which finally makes it more comparable to gold and precious metals. This is what so many traders have wanted from the beginning.
But the fact is that we are still in the early stages of the digital financial market. Bitcoin has only been around for about 12 years, and many of its competing altcoin cousins even less than that, so the idea that these assets can accomplish all they have in such a short period suggests that the space is not even close to reaching its full capacity, and we could potentially see things get a whole lot stronger in the end.