Bitcoin had a rough start to the COVID-19 pandemic last year, but apparently it’s always darkest before the dawn.
The biggest name in cryptocurrency surpassed $30,000 in value to begin 2021. That is, a single Bitcoin is now worth more than 30 grand on its own.
So, what accounts for the massive uptick in value? Maybe investors see it as a way to keep their money safe amidst the worst economic recession since 2008. Maybe people are just sick of fiat currency in general. Either way, Bitcoin started the new year at an all-time high, with the price sitting just below $32,000 at the time of writing.
The volatile cryptocurrency has been on a hot streak of late, as it exceeded $20,000 in value for the first time less than a month ago. In other words, Bitcoin set a personal record and then added an extra 50 percent on top of it a few weeks later.
Bitcoin’s recent victories are made all the more impressive when looking at where things stood less than a year ago. Back in March 2020, with much of the western world only beginning to contend with COVID-19 and the financial instability that came with that, Bitcoin’s price dipped down to around $4,000 after hovering around $10,000 in the months prior.
That Bitcoin was able to rise from the ashes so quickly and hit all-time highs within a year of that crash is remarkable. Though, the whole process might serve to demonstrate how quickly things can change for better and for worse in cryptocurrency.
Be smart with your money, friends.