Bitcoin, the top cryptocurrency by market value, has begun 2024 with a stunning achievement, reaching a new high of $43,776 at the time of writing. The digital currency has risen by almost 3.5% in the last 24 hours.
Looking back at the last decade, Bitcoin’s path has been like a wild ride, marked by incredible peaks and valleys. Bitcoin was born in 2009 with almost no worth as a new and unproven idea in the financial world. But over time, it has grown exponentially. From 2010 to 2017, the price of this dominant cryptocurrency soared from a few pennies to over $14,000.
The following years showed Bitcoin’s volatile nature. In 2018, a steep drop caused prices to fall sharply, followed by a slow recovery in 2019 and 2020. The year 2021 was a landmark, as Bitcoin hit a record high driven by more institutional adoption and mainstream recognition. But this high was short-lived, as later years saw major corrections in 2022. Remarkably, Bitcoin bounced back in 2023, rising by more than 150%.
As 2024 begins, forecasts for Bitcoin’s future differ. Mark Mobius takes a cautious approach, suggesting a possible price of $60,000, while CoinFund has a more optimistic view, predicting a rise to as high as $500,000.
The possible approval of a Bitcoin Exchange-Traded Fund (ETF) adds an interesting aspect to the debate. People like Michael Saylor see it as a key development, while analysts at CryptoQuant warn against possible post-approval volatility. The stage is ready for a thrilling and uncertain journey as Bitcoin keeps making news in the financial scene
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