Bitcoin rose to the heights of $51,000 (roughly about ₹38 lakh), the highest it has been in the time span of more than 2 weeks.
Raising the hopes of a more stable and profitable market, Bitcoin touched the highest it has been in more than two weeks at $51,000 (roughly about ₹38 lakh). The largest digital currency of the world had a 4% advancement in the last two days. At one point, on Friday Bitcoin reached $51,524 in Asia trading. The second-largest digital currency, Ether, stood at $4,100.
Cryptocurrency-related Asian stocks like Remixpoint Inc., Woory Technology Investment Co., Ceres Inc., etc. also got excited due to Bitcoin’s recent performance. The digital token has had a growth of 76% so far in 2021, as on the third year of gains.
According to an investment strategy analyst, “When risk appetite is up, it’s up big. And when risk appetite is down, it can be down big. It’s not perfectly correlated, that’s definitely too simple of a read, but it’s certainly not a volatility hedge.” According to technical studies which tracked the behavior of Bitcoin over a period of time suggests that in the future, there will be more gains.
Bitcoin is believed to be a very market dependant digital currency. For example, when the world market went down due to the Covid-19 pandemic in 2020, it took Bitcoin down it too making Bitcoin fall 57% to $3,867. With time, as the stock market and the global market recovered, Bitcoin also recovered and gradually went higher and higher till it reached the highest point the very next year. Just like the stock market, Bitcoin reacted to shocks too. For example, when the market feared the collapse of Chinese real estate giant ‘Evergrande’, Bitcoin fell with the market for a small period of time.