Bitcoin Catches Breath

Bitcoin prices traded flat on Monday as investors looked for more clues following the recent rally in digital assets, taking the previous level to $ 58,000 for the first time on Sunday. The world’s largest digital currency hit an all-time high of $ 58,640.77 before surpassing some gains, and according to cryptocurrency tracker Coingeco, was trading at $ 56,566.83, up 0.4% at around 1.45pm.

Paolo Arardino, CTO at the cryptocurrency exchange Bitfinex, said it seems impenetrable to have a barrage of fear, uncertainty and doubt (FUD) waged against the bitcoin industry.

Bitcoin hit a market capitalization of $ 100,000 on Friday for the first time, driven by interest from major corporations such as Tesla, MasterCard, PayPal and BlackRock.

“Bitcoin hit the $ 1,000,000 market cap last week, a milestone that took big companies like Apple, Microsoft and Google to reach for decades. It took just 12 years to mine Bitcoin. Compared to that, Bitcoin reached a trillion, without many people knowing about it. By the time bitcoin becomes mainstream, it can have a very large pool of interested investors. Vikram Rangala, CMO of ZeePay Said, because of this $ 1,0,0,0,0 can only be the beginning.

“Bitcoin is another thing going for it, which is a complete shortage. There will be only 21 million bitcoins, anytime. As more investors buy it, the remaining supply becomes less. As more people learn about bitcoin Are and start becoming, supply will be reduced. He said that price is likely to increase in the long term.

Meanwhile, other major cryptocurrencies such as ether, wire and wave were trading up to 0.20% in green.

Bitcoin has given a return of around 92% for the year, while up 16% in the last seven days.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.