Digital currency continues to be an alluring and growing global trend. Picture: Pete Linforth / Pixabay
Bitcoin has hit the R1.2 million mark and was trading at around R1,252,862 on Friday at 10.30am.
In US dollars, the most dominant cryptocurrency was trading at around $67,171 at 10.30am.
Earlier this week (March 5) Bitcoin hit $68,900 (R1,286,276). This was the highest price it has hit in the cryptocurrency’s 16-year history.
According to Deutsche Bank, the main reason for the meteoric rise this year was based on the fact that US Securities and Exchange Commission (SEC) approved a spot ETF on January 10.
Since then, Bitcoin has seen around $7.9bn of inflows.
Research by CoinLedger have estimated that Bitcoin could rise as high as $115,733 (R2,160,308) in 2024.
Bitcoin has performed well recently very early on into this cycle. This has got many people excited about how high Bitcoin could rise in the coming year, and the halving only adds to this, as history has proven that halving events can positively impact the price,“ a spokesperson from CoinLedger noted.
This is in stark contrast to 2022 when the cryptocurrency has a meltdown, created by the criminal convictions of industry heavy weights like Sam Bankman-Fried and Changpeng Zhao.
In November 2022, the price of Bitcoin had dropped to around $17,000 (R317,333).
It is interesting to note that according to research by Bombastic, Bitcoin is one of the most volatile cryptocurrencies.
The research showed that Tether is the most stable cryptocurrency.
“Tether, currently the biggest stable coin by market cap, has the least difference between the highest and lowest prices by percentage, with a 1.35% year-on-year change. At its lowest, the coin was valued at $0,99 (R18,48), compared to $1,009 (R18,837) at its peak. The coin is pegged to the US Dollar to keep its value steady,” Bombastic said.
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