There is good news for Bitcoin investors, the world’s largest, most popular and oldest cryptocurrency. Its price has once again started rising rapidly. The cost of bitcoin has reached near $50,000. On Saturday, it was trading in New York for $ 49,704, its most high-priced level since May 16. In mid-April, its price touched an all-time hight of $65,000.
Executive director of crypto exchange Konstantin Anissimov of CEX.IO, said that the next big hurdle for bitcoin is striking and staying in the $50,000 zone. The new rise in its prices does not show any significant jump. If new buyers join it, it may cross the $50,000 level. In the ordinary term, its price can reach up to $55,000.
In mid-April, the price of bitcoin reached and close to $65,000. But after that, it diminished significantly, and for the past several weeks, it was trading within $30,000 to $40,000. Notwithstanding this, its price has increased dramatically in the last year. Institutional investors and big names such as Stan Druckenmiller and Paul Tudor Jones added to price of bitcoin boost. As per Chainalysis, global crypto adoption has grown by about 881 per cent in the last 12 months.