One thing that is synonymous with Bitcoin is massive profit whenever there is a bullish momentum in the crypto market. Starting from a meagre amount when it was first launched in 2009, Bitcoin has been able to grow in leaps and bounds. Even though there have been times when the digital asset disappointed, it has still gone on to bring back profits for investors.
Bitcoin created its first-ever all-time high record when the digital asset touched the $20,000 region back in 2017 and gas now done that again after it briefly hit the $20,700 region just yesterday. With several people predicting a price correction in the coming day, the digital asset has proved them wrong to hit another milestone figure.
Major investment companies are rushing into Bitcoin
While analysts and experts were giving their market analysis of how the performance of Bitcoin will be following its breaking all-time high figure, Bitcoin further surprised them after it quickly broke through $22,000. With the previous, all-time high record already smashed and dusted, Bitcoin has set a new all-time high record as evidenced on several crypto exchanges across the globe.
Bitcoin’s ascension is coming at a time when the federal reserve of the United States of America is planning to infuse more currency into the countries economy. Barring any last-minute changes, American citizen would see this administration distribute more cash across the economy.
Even though the move is to help the American economy recover from the effect of the recent coronavirus pandemic, analysts and experts have cried out at the effect that it would have on the already depleted United States dollars. With the news of the cash distribution coming in more than usual these days, most investments and businesses across the country are now turning to Bitcoin as a hedge against the inflation that is expected to rock the countries economy.
Bitcoin mining firms stocks increase
Even though experts and analysts have not yet looked at major on-chain data to determine when this bullish run will eventually end, Bitcoin is currently selling for $23,300 across major exchanges. With Bitcoin seeing a surge of about 20% in a day, its market capitalization has also reacted, moving closer to the half a billion prediction that was made by analysts some months ago.
Bitcoins market cap is not the only thing that is showing evidence of the price jump that the digital asset has witnessed as major mining companies across the globe has witnessed massive moves of their stocks. Even though Marathon Patent Group, HIVE Blockchain and Riot Blockchain are all worth almost half a billion, the three firms have seen their stock prices soar in response to the recent price moves.
Presently, HIVE blockchain is leading the pack has it is now trading at $2.34, signaling a 34% boost. Also posting a positive return is stocks that belonged to a Bitcoin mining company based in Toronto, Hut 8, as its stocks climbed up by 10%. Even though no one knows what next Bitcoin has in store for the general crypto market, traders and investors in the leading digital asset will be hoping that the asset continues this surge as we close in on the new year.
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