Bitcoin(BTC) surges above $30,000 for the first time on the first day of 2021. The world’s most popular cryptocurrency, Bitcoin, has traded at $34,800(roughly Rs. 24.3 lakhs) for the first time on Monday, that is 4th January 2021 with a record-setting 800 percent surge in value since March 2020.
Before we take a closer look at the crypto prices, let’s step back and briefly examine what we mean by the term ‘Bitcoin’. Bitcoin was invented 11 years ago, in 2008 by a group of people headed by Satoshi Nakamoto as an open-source project and is backed by blockchain technology. The implementation started in 2009 and has never stopped ever since, but is spreading and growing rapidly, increasing the market value of the whole crypto. The digital currency, Bitcoin is an innovative payment network and is a new kind of money. It is a decentralized peer-to-peer technology built to facilitate payments, globally.
Bitcoin is followed by some alternative crypto coins like Ethereum(ETH), Ripple(XRP), Litecoin(LTC), Tether(USDT) and, Bitcoin Cash(BCH). Each coin has its own market value and many coins such as Libra from Facebook is in making and will soon enter the market as a global payment platform.
December 2020 witnessed the highest growth rates in the world’s most popular cryptocurrency. Bitcoin crossed $20,000(roughly Rs. 14.6 lakhs) for the first time on December 16 and has been growing since and is settled somewhere near $30,000(roughly Rs. 24 lakhs) as of the first week of January 2021.
Talking about the growth, Bitcoin value according to investing.com, as of January 2020 was around $8,000(roughly Rs. 5.8 lakhs) and marked the first milestone in mid-June, 2020 by crossing over $10,000(roughly Rs. 7.3 lakhs). July and August saw some growth in Bitcoin prices but September had some downfall in the values. But, as a matter of fact, there was a sudden growth from October 2020 as the values grew from $10,000 to $30,000 in just three months.