With its remarkable upward trajectory, the world’s greatest virtual currency continues. Bitcoin sailed past the $30,000 mark for the first time in its history on Saturday morning, January 2, and jumped as high as $33,000 before slipping down to $32,000 by late Saturday afternoon.

The leading cryptocurrency traded at about $10,000 in early September 2020 and did not reach the $20,000 mark until December 16, just three weeks ago. Bitcoin soared past $28,000 the day after Christmas.

The largest cryptocurrency has advanced nearly 50 percent in December alone and added almost another 9 percent on Saturday. The market capitalization of Bitcoin is over $600 billion now.

Bitcoin, however, was not the only crypto asset that on Saturday lifted its value. Other smaller rivals have also seen a price spike during crypto trading, such as Chainlink, Litecoin, and Ethereum.

Several crypto experts have, meanwhile, released their views on the recent rally. The head of trading at the NEM crypto firm, Nicholas Pelecanos, has predicted that on Valentine’s day, the value of the largest cryptocurrency will rise to $50,000.

Similarly, in mid-December, Scott Minerd, the CEO of Guggenheim Investments, said that the price of Bitcoin would ultimately grow to around $400,000.

A crypto trader and former TV news anchor, Glen Goodman, has a different version of the story. Goodman reported last month:

“History has a warning for people buying at the new all-time-high. While I’m optimistic about the long-term prospects for Bitcoin, four years ago we had a very similar situation with Bitcoin breaking new ground, but just two weeks later its price plummeted by more than a third.”

The crypto asset has a long history of volatility, and sooner or later, most analysts anticipate some correction from the current rally. In 2017, when Bitcoin soared to about $20,000, the initial big price surge occurred, but then lost over 80 percent of its value over the following 12 months.

Over the previous year, the leading cryptocurrency has risen immensely. It has generally attracted more attention from retail and institutional investors who see the digital currency as a haven asset during the pandemic of Covid-19.

People have been losing confidence in their government-backed fiat currencies, and this fall has been exacerbated by monetary policies resulting from the economic effects of the COVID-19 pandemic.

Many institutional investors have determined the acceptance of virtual currencies. Support for crypto transactions has been introduced by firms such as PayPal. During the coronavirus pandemic, various retail investors have turned to digital currencies as a haven.


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