ISLAMABAD: Price of Bitcoin hit the record high level this afternoon as it crossed $64,000 for the first time in its history. For the past many days, Bitcoin was hovering around $60k level and today it surpassed the highest mark, mounting to above $64,470 by 2pm (Oct 20).
Today (Oct 20), the market capitalisation of Bitcoin has crossed 1.2 trillion dollars for the first time. Last time, the highest market cap of Bitcoin was 1.1 trillion dollars in April this year after which the value of the leading cryptocurrency was thrown down to below $30k level on different pretexts.
Like Bitcoin, Ether too has surged to above $3800 and its market capitalisation has expanded to more than $450 billion. Thus, in recent weeks, the combined market cap of Bitcoin and Ethereum has surged by almost one trillion dollars, showing a renewed interest of investors and institutions in cryptocurrency trading.
This spike in Bitcoin’s price coincided with the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange this week.
The latest increase follows weeks of hovering just over $40,000 since its last push over $50,000 in early September. It also brings Bitcoin closer to its all-time high of $64,802 in April, a high that was followed by a decisive drop to under $30,000 as recently as July 20.
So what should crypto investors make of this latest increase? Nothing, according to the experts we’ve talked to.
But given the crypto’s history of volatility, this increase doesn’t guarantee a long-term reversal. Bitcoin’s price is just as likely to fall back down as it is to continue climbing. The price swings are going to keep happening, and experts say they’re something long-term crypto investors will have to continue dealing with.
