The U.S. Federal Reserve recently announced a 0% interest rate and $700 billion quantitative easing program to counter the market turmoil caused by the novel Coronavirus. The announcement sent the Dow futures tumbling 1,000 points. In mid-February, Bitcoin had hit a high of around $10,000. As the coronavirus outbreak worsened, the world's most popular cryptocurrency slid to below $4,000 in less than two days.Following the media coverage of the rise of the Bitcoin price, the cryptocurrency industry took off, spawning thousands of altcoins. Governments, economists, and mathematicians debated whether cryptocurrency should be regulated. Financial experts discussed how to make it more mainstream and accepted. While the crypto industry was gaining momentum, the price of Bitcoin was largely sideways. Its lowest point in December was at $3,236 before it reached a high of $7200 at the end of 2019. While the price of Bitcoin fluctuates with market conditions, the highest recorded Bitcoin price was $67,567 on November 8, 2021. The value of Bitcoin is based on the last transaction on different exchanges. Therefore, the higher the price, the more people are willing to pay. Conversely, the lower the price, the less people are willing to pay. A higher price usually signals that the cryptocurrency is becoming more valuable. However, it is important to bear in mind that the price of a cryptocurrency can vary significantly from one exchange to another. In the coming years, analysts believe the Bitcoin price could rise to US$50,000. Some bullish cryptocurrency enthusiasts believe that the price will rise even higher. Peter Schiff, a market analyst and long-term gold bull, predicted that the price of Bitcoin will never exceed $50, https://www.hindustantimes.com/brand-stories/use-binance-referral-code-hlut9g7z-and-save-up-to-20-on-fees-for-life-101645706801959.html has since been corrected. However, another prominent analyst, Tone Vays, thinks bitcoin could reach US$100k by late 2023. He believes the price could reach that milestone if anticipation builds following the upcoming halving. Despite the volatility in the market, the bitcoin price is still the top project by market value, with a total market cap of $767 billion. If you're a crypto enthusiast, share this article on social media! And remember to use the social share buttons, too! It's important to spread the word about the value of cryptos! Just like with stocks, the price of altcoins often lags behind the bitcoin price.
