At the end of the year, the US stock market is approaching not only a record high, but also a reputed alternative to the existing financial system.
Bitcoin now trades more than $ 29,000 per single currency, which has risen more than 24% in the last seven days alone. It is past the previous high of $ 20,000 and is likely to reach the $ 30,000 high by the end of the weekend if it continues to trend in its current direction.
Bitcoin is a digital currency created by ‘exploiting’ a blockchain, which rewards users who solve complex comparisons. Although some compare it to the tulip greed and other speculative investments, it has attracted numerous world-class investors and financial institutions in particular over the past six months.
Only 21 million Bitcoin will ever exist in the complex system, making it a finite resource.
The Bitcoin tree is a tide that lifts other boats. Such alt-currencies as Ether’s Ether (now $ 745) and Litecoin ($ 135) are also at or near record levels, increasing overall markets. Other currencies are also increasing, which will make a red-hot market in 2021.
The only downward note is found in the third largest digital currency by market capitalization. The Securities and Exchange Commission has sued Ripple Labs, the company that issues XRP. The complaint accuses XRP supporters of making an illegal issuance of securities and personally benefiting from the attempt. As a result, the price plummeted and many crypto exchanges no longer traded in it.
But overall, a robust cryptocurrency means good things for new businesses for entertainment, as investors who flush with extra cash as their cryptocurrencies rise are likely to support the disruptive new companies.