Bitcoin Reaches Record High
If ever there was a reason to buy commemorative crypto coins, news of a cryptocurrency reaching a record high is surely it.
That is exactly what’s happened this week as Bitcoin has soared to a new all-time high of more than $66,000 (£47,740), topping its previous record value of $64,000 set in April this year.
However, this bare figure is just the beginning of the reason for crypto enthusiasts to be joyful. In June this year Bitcoin saw its value plunge to below $30,000, the kind of fall that inevitably led to some naysayers claiming the bubble had burst and that the salad days were over.
The event that had caused the fall was the decision by China to stop providing support for digital currencies and transactions. Having the world’s most populous country turn its back on crypto by government diktat seemed like a major blow, especially as two-thirds of cryptocurrencies were mined in China in 2020.
Reporting on the situation at the time, the BBC noted some experts were warning that the value of Bitcoin might fall further as a result of ‘death cross’ - a price chart phenomenon where the short-term average trend line crosses the long-term average, sending a commodity into a downward spiral.
However, the reverse has occurred, prompted by a number of major investment firms buying into Bitcoin and other cryptocurrencies, demonstrating growing confidence in them as valuable assets that will stand the test of time.
While values are clearly subject to significant volatility, this can also mean there are is no reason Bitcoin won’t continue to increase in value. Indeed, many analysts have suggested further massive increases.
For instance, crypto author Glen Goodman has tipped values to surge as high as $150,000 before a market correction kicks in, while analyst TechDev has forecast a rate as high as $200-300,000, arguing it looks “pre-programmed” to reach such a peak.
These are exciting times, and definitely developments worthy of commemoration.