Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday – Market Updates Bitcoin News
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In a major bullish turn, Bitcoin surged over 37% against the US dollar this week, tapping the $28,000 mark on Sunday. The cryptocurrency market as a whole saw significant growth, with several digital assets rising alongside Bitcoin.
The year 2020 has been a rollercoaster ride for the crypto world, with Bitcoin experiencing a volatile market throughout. However, the cryptocurrency took an upward turn in December, and its surge has continued into the new year. Bitcoin’s current surge marks a new all-time high, with the cryptocurrency witnessing its fastest growth-rate in three years.
The reasons behind the surge remain unclear, but experts attribute it to several factors. The increasing institutional adoption of Bitcoin, along with a low-interest-rate environment, has contributed to the currency’s impressive growth. As the world continues to shift towards digital payments, cryptocurrencies like Bitcoin and Ethereum may see increasing adoption in the years to come.
Moreover, Bitcoin’s scarcity may be another reason behind the cryptocurrency’s growth. The digital currency is designed to have a limited supply, with only 21 million coins in circulation. As demand for Bitcoin continues to rise, its scarcity is expected to increase prices, making it an attractive investment for many.
The surge in Bitcoin prices has also seen a positive effect on other cryptocurrencies. Ethereum, Bitcoin Cash, Litecoin, and Ripple’s XRP are among those that have seen significant gains in the past week.
While Bitcoin’s growth has been impressive, investors should beware of the cryptocurrency’s inherent volatility. The cryptocurrency market is highly speculative and unpredictable, with Bitcoin experiencing several drops in value throughout the year. However, many experts believe that the currency will experience long-term growth, despite short-term price volatility.
In conclusion, Bitcoin’s recent surge despite the pandemic and global economic uncertainty is a testament to the increasing adoption of digital assets. As the world continues to shift towards digital payments, cryptocurrencies may see increasing adoption in various sectors. However, investors should remain cautious and do their research, as the crypto market is notoriously unpredictable.
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