2021-8-23 14:17 |
Bitcoin BTC/USD has managed to reach a value of $50,000 yet again.
Bitcoin had its all-time high value of $64,804 in April. However, it sold off in June as well as July, with its price at one point in time dipping below $30,000.
The all-time high-value BTC received in April was due to the high liquidity, fast-money bets, and optimism about the increase in demand from institutional investors.
The optimism surrounding Bitcoin and cryptocurrenciesOne of the main contributors to this drastic shift in value was the regulatory scrutiny that the cryptocurrency received from Chinese authorities, which forced bitcoin operations to shut down and simply go elsewhere.
PayPal, on August 22, announced that it would launch its service to let users buy, hold, and sell digital currencies in the U.K.
This marked it its first international expansion of the cryptocurrency service it offers beyond the U.S. and another hint at a wider adoption going forward.
We even saw a lot of supportive views from Billionaires such as Elon Musk and the direct listing of the platform Coinbase Global Inc.
In July, Amazon posted a job opening for a digital currency and blockchain product lead, sending cryptocurrencies to the top.
This listing increased the optimism even further, especially given the fact that one of the biggest companies in the world would be involved with cryptocurrencies, which would lead to a heightened potential to further legitimize this digital sector.
Should you invest in Bitcoin (BTC)?On August 23, Bitcoin (BTC) had a value of $50,325.
Bitcoin experienced its all-time high value on April 14 at $64,804. This means that its all-time high value is 29% higher than its value of $50,325.
To get a better perspective about Bitcoin’s recent growth in value, we will be going over its performance throughout July.
On July 20, Bitcoin saw its lowest point of $29,731, while on July 31, it saw its highest value point of $41,986. This indicates that the token got up in value by 41% throughout the span of that time.
That being said, on August 23, its value is still 20% higher than its value on July 31, which signals an impressive level of growth. According to data from IntoTheBlock, Bitcoin saw $109.52 billion in transactions greater than $100,000 within the span of the last seven days.
Furthermore, it also saw $8.99 billion in total exchange inflow as well as $8.3 billion in total exchange outflows.
Based on this historical performance and the optimism around cryptocurrency adoption growing, we can expect the value of BTC to get to $55,000 by the end of August.
The post Should you invest in Bitcoin after it reached $50,000 in August? appeared first on Invezz.
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