The upward rally of Bitcoin will probably continue now that it has been speedily increasing since hitting the psychological mark of $20,000 on 16th December. Cryptocurrency peaked at $27,666.17 which is an all-time high on Sunday following which it settled at $27,647.23.
BTC reaching the mark of $27,647.23 on Sunday is a key milestone after touching the marks of $25,000 and $26,000 on 25th December and 26th December respectively. With this unstoppable rise, the market value of Bitcoin went beyond $500 bn, according to the cryptocurrency reports. This is even more than Visa’s m-cap of $460.06 bn. However, the two companies appear very different and shouldn’t be dragged into comparison. BTC is also valued more highly than Samsung and Walmart.
PayPal Is The Reason Behind The Spike Of Bitcoin
The most popular cryptocurrency in the world is witnessing an unbelievable rise in 2020, with the value of BTC increasing by 240% in 2020. After Paypal, the payment major online declared in March about making the use of Bitcoin for account holders eligible, the value of the cryptocurrency increased from the amount of $5000 to the amount of $25,000.This is equal to an increase of 400% in the last 8 months.ZebPay, a large cryptocurrency exchange has estimated that by 2030 the value of this cryptocurrency will be over $135,000.
Released in 2009, BTC became the 1st cryptocurrency for adopting the decentralized network that carries out transactions using block-chains. This makes the cryptocurrency exempt from the regulations and policies of the Fed while deriving the BTC value using a procedure called ‘mining’.BTC is transferred utilizing the transactions from one peer to another, and the record-keeping of the data is done by the blockchains. Currently, Bitcoin is the cryptocurrency that is totally responsible for around 66% of the entire cryptocurrency market around the globe.