The price of bitcoin has increased significantly, increasing 10% to a new high of $27,800. This occurs at a time when some believe that digital currency could serve as a protection against a global banking catastrophe.
Based on TradingView data, the price of Bitcoin increased by 10% in one day, by 36.10% over the previous week, and by 65.68% over the entire year.
The co-founder and CEO of Binance, "CZ," pointed out that in the last week, there hasn't been much noise from those who have questioned the value of Bitcoin as a store of value, indicating that the cryptocurrency is standing up for itself.
While Messari Co-Founder and CEO Ryan Selkis thinks the price might reach $100,000 in the coming year, Gemini Co-Founder and CEO Tyler Winklevoss even suggested that Bitcoin could reach $30,000 by the end of the weekend.
Even further, co-founder and former CEO of BitMEX Arthur Hayes said that Bitcoin would someday reach $1 million. Nonetheless, several market analysts have expressed skepticism over Hayes' projection.
A number of variables, including greater institutional acceptance, rising investor interest from regular investors, and mounting worries about inflation and global economic instability, have contributed to bitcoin's recent surge. It has also benefited from ProShares' recent launch of a Bitcoin ETF, which has received unprecedented investor demand.
Despite its recent increases, Bitcoin is still a dangerous investment due to its turbulent past. Some market professionals have expressed concern that the current cryptocurrency boom may be a bubble and that prices could soon plummet. Many Bitcoin backers are nevertheless optimistic about the long-term prospects of the digital currency, citing its potential as a decentralized alternative to conventional fiat currencies.
