Lagatar24 Desk
Mumbai, Dec,24: Bitcoin’s value soared above $51,000 (approximately Rs. 38.27 lakhs) on Christmas Eve, reaching its highest level in more than two weeks. In the last several days, the world’s largest and oldest cryptocurrency has climbed by around 4%.
In Asian trade on Friday, the cryptocurrency’s value reached $51,524 (approximately Rs. 38.67 lakhs) at one point. The surge was fueled by a general uptick in financial market mood.
So far in 2021, the digital asset, which is known for its volatility, has climbed by almost 76 percent. After hitting a record high of about $69,000 (approximately Rs.51.77 lakhs) earlier in the month, Bitcoin dropped more than $18,000 (around Rs.13.50 lakhs) in November.
Throughout the previous decade, the price of Bitcoin has caught the interest of many people. Many cryptocurrencies have had an interesting year so far in 2021, with Bitcoin and its price leading the way.
In April and May, the price of the cryptocurrency reached fresh highs. The excitement, however, did not last long, as Bitcoin entered a downward trend. The downward trend continued until October, when the first-ever Bitcoin futures exchange-traded fund (ETF) debuted on the New York Stock Exchange (NYSE).
All of the debates regarding how much energy it takes to mine Bitcoin had an effect on the cryptocurrency’s value in the meantime. El Salvador, on the other hand, recognised Bitcoin as legal tender and became the first country to use the cryptocurrency as a medium of exchange for goods and services on September 7.
In the meantime, Ether, the world’s second-largest cryptocurrency, was trading at $4,100 (approximately Rs. 3.07 lakhs).
