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Bitcoin reaches $55,000, What’s next?

Bitcoin Reaches $55,000, What’s Next?

Bitcoin reaches $55,000 after a slow-moving September in the crypto world. One of the most popular cryptos, Bitcoin, is on the rise again. Bitcoin increased by 7.1% in the past week reaching just above $55,000. The year started off on a low at $27,734, but that turned around in April when Bitcoin reached an all-time high of $60,000. Other leading cryptocurrencies have also been on the rise, with Ethereum (ether), Binance Coin, and dogecoin all increasing between 15-30% since last week.

Will Bitcoin Continue To Rise?

The surge in Bitcoin’s price this week appears to have triggered a surge in investments as well, which has in turn raised confidence in the asset. More traders are investing in the future of the cryptocurrency rather than withdrawing the profits from accumulated from its most recent price jump.

El Salvador has become the first country in the world to adopt bitcoin as a legal tender. Therefore, lots of El Salvadorans have been buying the currency like crazy since it has been on the rise.

Bitcoin has already increased twice this week, and experts are predicting the digital currency may even surpass the $60,000 benchmark by the end of 2021. Bank of America published a report claiming that cryptocurrencies are now “too large to ignore”, which is proving to be very true. Many companies are now considering alternative payment methods and other ways of implementing cryptocurrency into their businesses. It is possible that institutional investment is the catalyst that will indeed send Bitcoin to the moon.

What Are The Experts Saying About The Latest Bitcoin Rise?

Crypto analysts and experts are trying to make sense of the latest surge as many factors come to play with Bitcoin’s latest rise. Some are saying that Facebook and Instagram’s outage caused the uptick. The event showed the world’s dependance on centralized systems and proved, once again, the resilience of decentralized systems like Bitcoin’s.

Final Thoughts

Cryptocurrencies are considered to be quite volatile, which means that there’s no guarantee that the price won’t drop again. Nonetheless, the current rise has given buyers more hope and momentum when it comes to investing into cryptocurrencies as a whole.

The price surge has taken Bitcoin’s market cap above $1 trillion, eclipsing Facebook’s market value. It has also provided a major boost to the overall crypto market, triggering predictions that the year will end on an all-time high for Bitcoin.

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