- Bitcoin recently surged to its all-time high of 94,000 Tuesday afternoon.
- Since Donald Trump's triumph during the US elections, Bitcoin has surged significantly in value.
- Cryptocurrency market value above 3 trillion to a record value.
The price of Bitcoin surged to a record high above 94000. The lowest recorded price of Bitcoin was 67.81 which was recorded on July 2013. The current price of Bitcoin is 137,262.77 higher than the all-time low. In the last seven days, the cost of Bitcoin increased by 6.50 and outperforms the global cryptocurrency market. The major reason behind the upsurge is the expected liberal crypto policy by the new government. Trump's social media company was in talks about acquiring a crypto trading firm Bakkt. This heightened the hopes of a crypto-friendly government under Trump.
Bitcoin is the first and most popular cryptocurrency in the market. The price surge has increased the value of Bitcoin more than double this year. Now Bitcoin has touched its all-time high. Cryptocurrency has been upsurging since November. There is a positive sentiment among traders due to the victory of Donald Trump in the U.S. election. The growing sentiments have increased the cryptocurrency market value above 3 trillion to a record value. Traders believe Bitcoin can be used to hold generational wealth. Unlike in the first decade after the launch of Bitcoin in 2009 there is an increased acceptance among investors.
Bitcoin Value DeterminersCertain key factors influence the price of Bitcoin. Here are some of them
Demand and Supply Like any other cryptocurrencies, the value of Bitcoin depends on the basic principle of supply and demand. When investors look forward to buying Bitcoin then the value of the token rises and the value decreases when investors sell. The deflationary nature of Bitcoin reduces its supply over time. When the market demand increases subsequently the price of the token also increases.
