Bitcoin has been growing at something of an exceptional pace over the past decade. Going from a price of less than $1 in its starting years to over $40,000 is nothing short of incredible. Even though people are unaware of the founder and why it was made, it is here to stay.
And witht the way that it continues to grow, stay it very much will. Various experts believe that as long as Bitcoin continues to grow and has bullish support, there is nothing stopping it from reaching $100,000 per token by the middle of next year. And since mid-September, Bitcoin is showing off its incredible growth by reaching a new 15 day record.
It is no surprise that the crypto market has been a little rough on Bitcoin. With the introduction of altcoins, Bitcoin was losing a lot of its exclusivity and investors to the smaller players of the industry. But instead of chasing the companies themselves, Bitcoin instead continues getting support. And with that support, it has managed to reach over $47,000 per token.
While certainly nowhere near the incredible high of $6,500, crypto investors are looking to celebrate their small victories. A variety of factors had to go in the favor of Bitcoin to gain such momentum. One of these factors was the increased support by the US government. The United States has started to show more support towards the largest cryptocurrency in the world. They even included it in their massive $1 trillion development bill.
To reach over $4,000, bitcoin grew by 8.55%. This is the highest single day growth that the coin has seen since mid-june. Eventually, people are even holding out hope for the fact that Bitcoin will continue to react this way, as it affects the rest of the market positively as well.
Other coins that make up the pantheon of the cryptocurrency also saw their prices increase by a fair margin. For instance, Ripple (XRP) and Ethereum saw their prices rise to $1.03 and $3,301 respectively. For reference, this rise was a 10% increase for ether, and an 8.5% increase for XRP.
Enigma Securities’ head of research, Joseph Edwards, even commented on the rising tide of cryptocurrencies. He said that a possible driver for the increased moves and prices could be the spiks in volume that smaller derivatives have seen now. Derivatives trading can often influence various cryptocurrencies, especially Bitcoin.
Overall, Bitcoin is nothing short of incredible in its persistence to stay at the top. It has even become a legal tender in two different countries, which shows just how far this cryptocurrency has come.