Bitcoin skyrocketed to its all-time high over the last thirteen months on August 17, adding to a 2020 rally that has seen it more than treble in price since March. For the past 11-year history of cryptocurrency, Bitcoins have flown high rises and equally fast deep-dives. Post midyear of 2017, bitcoin tripled in just a matter of 35 days to reach nearly $20,000 only to collapse 70% in the next seven weeks. Such wild and frequently odd swings are the reason bitcoin faces a battle to turn into a functioning currency. Introduced in 2008, Bitcoin, the decentralized network of digital cash has come a long way in its journey.
Soaring over 70 percent this year the cryptocurrency token Bitcoin has gained 4.4 % to $12,424, its highest since July 2019. It has become one of the strongest performing assets for crypto Investors in 2020. As interest rates have been nosediving and gigantic bond-purchasing programs have been run by the central banks across the globe, the demand for Bitcoin has heightened while at its parallel the crypto ratings are also increasing. Crypto Ratings consistently factors in when examining the cost of Bitcoin and offering short, medium and long-term cost speculations. In terms of “safety,” bitcoin is quite ambiguous. It has shown consistent fall in times of crisis.
Bitcoin moved around $12,080, equivalent to day’s gain of 2.5% and touched the highest price for over the last 13 months. Crypto analysts have recently forecasted how the results of the US presidential elections might lead to a collapse in the dollar value and amplify the gold market. The fast and global nature of Bitcoin makes it vulnerable to any crisis faster than in physical counterparts. Now, Crypto analysts are in a dichotomy between bitcoin’s rise driven by interesting variables and its most recent episode of volatility. Most believe that there may be a forthcoming shortage in the supply of bitcoin. Crypto investors are seeing this opportunity as a hedge against inflation due to its limited supply.
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