Bitcoin exceeded $30,000 for the first time

Published by Yamna Ali Saturday, January 2, 2021

The largest cryptocurrency in the world, bitcoin, for the first time surpassed $30,000 and extended its rally. On Saturday, the value of bitcoin raised by 9% and reached $31,800 moreover, in December, it breached $20,000 (50% increase) for the first time. The $20k value was already a milestone for the cryptocurrency, and within two weeks, it hit another major milestone.

The blockchain currency is just a decade old, but the demand in 2020 has grown incredibly, especially among the biggest American investors. The quick gains of the currency draw people’s attention, and the number of traders and investors are constantly doubling in the number each passing day.

Since the Covid-19 pandemic had impacted every industry, bitcoin’s value was affected as well. They lost a significant 25% in March 2020. However, the massive increase is now considered as a rebound for the loss.

World’s biggest crypto lender, Antoni Trenchev predicted that the bitcoin would soar past $50,000 most possibly within the first quarter of 2021. This is not the first time that the currency has spiked, bitcoin has been climbing up since 2017; however, faced some loss as well. But today, with a value as huge as $30,000, the cryptocurrency has rebounded for all of its losses.