The incredible Bitcoin price surge begins, with the digital currency touching the $27,647.23 threshold on Sunday. This is another achievement as it hit $25,000 on December 25 and $26,000 on December 26. With this meteoric growth, the market cap of Bitcoin has now crossed $500 billion, as per Coindesk, the cryptocurrency website.
This is more than $460.06 billion m-cap of Visa, the world’s largest financial services firm, according to the Company Marketcap numbers. Not just Visa, but Bitcoin is worth more than the major publicly listed firms including Samsung ($463.63 billion) and Walmart ($406 billion), data reveals.
The upward rally is likely to continue as Bitcoin has seen a steady increase after it crossed the $20,000 primary psychological mark for the first time on December 16. The cryptocurrency soared to its all-time peak of $27,666.17 on Sunday before it stabilized at $27,647.23 at the time the study was submitted. This reflects an improvement of nearly 11.1% relative to the previous day.
The world’s most popular cryptocurrency has seen an incredible increase this year, with its valuation seeing a 240 percent leap in 2020.
Since PayPal-a big online payment-announced in March that it will encourage its account holders to use Bitcoin, the value of the cryptocurrency has risen from $5,000 to $25,000. This reflects a massive 400 percent raise over the last eight months. ZebPay, one of India’s largest cryptocurrency exchanges, has projected that Bitcoin’s valuation will cross more than $135,000 by 2030.
Launched in 2009, Bitcoin became the first blockchain to create a decentralized block-chain transaction network. This exempts the money from the laws and legislation of the central bank, thereby deriving its value through a method called ‘mining.’ Bitcoins can be exchanged using peer-to-peer transfers, the data logging of which is performed through blockchains. As of today, Bitcoin is accounting for approximately 66% of the overall cryptocurrency sector.
