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Bitcoin reaches its highest level, this Tuesday. This makes investors expect more and more wide stream acceptance of BTC in the market.
Bitcoin, the biggest cryptocurrency of all times has experienced a growth of 3.6% and lands at $17,325, on the 17th of November, 2020. This is the highest level ever recorded since Jan 2018. The virtual currency has never seen such a big rate after the 2017 bubble.
The onset of the pandemic has made a huge impact on Bitcoin. It had undergone a 25% deflation in March. But the later months of this year proved to be too good for Bitcoin. Its value sored over 130% from the March lows. The growth is almost fourfold, and this lets investors lookup for breaching the barrier of $20,000 ($19,666 in DEC 2017, is the exact number) which is the all-time high of Bitcoin.
The fellow competitors of Bitcoin, ETH, and XRP have climbed at a 3-4% rate which is incomparable with Bitcoin's hike. But, the analysts say that this inflation has not created any buzz yet. People remain silent and they leave no word on this.
Crytpo players either big or small and investors opt for cryptocurrency as a hedge against inflation that might occur due to central bank stimulus measures. Bitcoin has a capped supply of 21M and this scarcity provides Bitcoin with an innate value that prevents it from the inflation-stoking policies by government and central banks.
The mainstream companies embrace it and give Bitcoin, the thrust for widespread acceptance which is yet to be achieved. The stepping in PayPal, last month, to open its network to cryptocurrencies, especially Bitcoin. This move by Paypal raised Bitcoin's value by 2x.
"The ultimate endorsement of crypto is whether you can buy your groceries with it and pay taxes with it," - AJ Bell
Bitcoin is setting its sail to this complete acceptance with booms and busts in the way.