If you are unaware of Bitcoin, do not worry, as we are here to explain. It is a cryptocurrency that is quite popular. Most people who own crypto assets must indeed have come across this one at some point if they do not own it themselves. It has been around for quite a few years now.
It is because it became available to the public in the year 2009. It is the first cryptocurrency to have been produced. Since then, numerous other cryptocurrencies have come out, such as ZEC. If you ever need to make ZEC to XRP exchange, then make sure to choose a reliable converter. Irrespective of its competitors, Bitcoin still manages to remain on top of all the countless others today.
The prices of Bitcoin have had their fair share of ups and downs since it first came out. On the off chance that you are excited to find out why Bitcoin rates are expected to triple in the upcoming months, keep reading!
Overview of the Increase in the Bitcoin Price
Bitcoin started to gain massive popularity among people in the year 2013. That is when its price reached $1000. Its rates increased way more than that after the cryptocurrency’s second Bitcoin Halving event took place. It was when its rates touched a whopping $19,000.
The increase in prices stayed for a bit but then, unfortunately, dropped down after the end of 2018. The value of this cryptocurrency was almost $5000 at the beginning of the year 2020. Later that year, after the pandemic hit the world, the values of Bitcoin started to increase significantly once again.
In December 2020, Bitcoin rates crossed their previous highest value of $19,000 as it touched over $20,000. Within one month, its prices increased once again and hit $40,000 in January 2021. In February 2021, it reached $50,000. Currently, its value is estimated to be somewhere around $54,500 worldwide. Hence, from here on, Bitcoin rates are expected to grow tremendously and triple in the upcoming months.
The Reasons that are Increasing the Prices of this Cryptocurrency
There are quite a few reasons that are leading to the increase in the prices of Bitcoin. We are going to be listing a few of those reasons here today. They are:-
- Resistance faced previously – This cryptocurrency has faced resistance a few times in the past. However, even after it failed to push through this resistance initially, it eventually broke through after some efforts. It is something that has impressed a lot of investors.
- Fear of inflation – The fear of inflation has led many people to turn to this crypto asset. Bitcoin is likely to help them escape from the clutches of inflation.
- A method of payment – This crypto asset is accepted by numerous people these days as a payment method. It is considered a pretty safe and secure payment method.
Final Thoughts
We hope that you learned about why the prices of Bitcoin might triple in the coming months from this article. If you have ever wondered how to pick a cryptocurrency for yourself, one of the main things to keep in mind is the pricing history of the currency. As we have already mentioned the pricing history of Bitcoin above, you can choose to invest in it if you like.
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