Cryptocurrencies now command the global economic landscape amid increased investor acceptance and interest. With this new class of financial assets, bitcoin has emerged as the largest and the most trusted cryptocurrency in the market. It has turned out to be the biggest profit-making asset, delivering more than 1000% returns since March 2020. Recently, crypto has recorded new highs, proving its significance and potential in the market.
BTC hit US$60,000 for the first time in six months on Friday, recording its new high. Currently, according to coinmarketcap, it stands at US$61,748.88. Bitcoin has shown an approximate increase of more than 90% since the low in July 2021. Its latest climb has been driving more investors into the market who have just learned about cryptocurrencies. Initially, the digital token lost its charisma as it was being held accountable for several illegitimate transactions and was known for drug and ransom payments. But now, bitcoin has become the driving force behind the growing size of the global cryptocurrency market.
BTC investors are awaiting approval for the first US ETF for bitcoin. The US Securities and Exchange Commission (SEC) is set to allow trading of the first US bitcoin futures ETF from next week, which is expected to introduce a significant improvement for bitcoin ETF in the US. With growing hopes for the US ETF, more and more investors are hopeful of the crypto's strong potential.
Bitcoin is reputed to act efficiently as a hedge against inflation. Several individuals and companies have retreated from using the local currencies and have taken shelter in financial assets that have held their value or are highly appreciated in the market. Hence, one of the many reasons for its sudden rise is its growing adoption. PayPal has also started allowing users and merchants to buy, sell, hold, and accept bitcoin and other cryptocurrencies as a form of payment.
The recent developments in the market have triggered enthusiasm among crypto traders, and so the crypto market continues to rise. In the meantime, bitcoin has passed Facebook's market value and is on its way to take over the financial market.
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