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Bitcoin hits $25,000-mark; 400% increase since March

The value of the cryptocurrency has shot up from $5,000 in March to $25,000, marking a colossal 400 percent increase in the past eight months.

twitter-logoBusinessToday.In | December 26, 2020 | Updated 15:05 IST
Bitcoin hits $25,000-mark; 400% increase since March

After breaking its all-time record earlier this month by going over the $20K mark, Bitcoin is now trading over $25,000. The world's most renowned cryptocurrency has seen an unprecedented increase this year, with its value witnessing a 240 percent jump since the beginning of the year.

Ever since PayPal - the online payment major  - announced in March this year about enabling its account holders to use Bitcoin, the value of the cryptocurrency has shot up from $5,000 to $25,000. This marks a colossal 400 percent increase in the past eight months.

As of 03:36 GMT, Bitcoin was trading at $25K on Binance, which is the largest exchange for cryptocurrencies. While this amounts to a 6.28 percent increase in Bitcoin's value in the past day, the price did eventually go below the record-high mark with its price standing at $24,908 as of 03:50 GMT.

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After rising almost 20 percent in a single day on December 17, Bitcoin breached the $20K mark, eventually reaching an another all-time high of $24,000 on December 20.  

Through the analysis of these trends, some believe the value could as well be touching $27K within a few weeks. ZebPay, one of India's largest cryptocurrency exchanges, has predicted that Bitcoin's value could hit Rs 1 crore (over $135,000 in present times) by 2030.

Launched in 2009, Bitcoin became the first cryptocurrency to adopt a decentralised network for transactions based on block-chains. This exempts the currency from central bank policies and regulations, thereby deriving its value through a process called 'mining.' Bitcoins can be transferred using peer-to-peer transactions, the data record-keeping of which are done by blockchains.

As of today, Bitcoin is responsible for about 66 percent of the global cryptocurrency market.

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