Bitcoin’s price skyrockets this week after Elon Musk stated that he purchased a considerable amount of bitcoin (BTC), ethereum (ether), and dogecoin (DOGE).
BTC is now trading roughly $4,000 below its all-time high, with some forecasters anticipating new all-time highs by the end of 2021.
The price increases for bitcoin, ether, and dogecoin aided in pushing the whole cryptocurrency market past $2.6 trillion market cap on Monday, bringing it within a fraction of a percent of its all-time high set last week. Several cryptocurrencies have increased prices in the previous 24 hours.
Understanding how bitcoin behaves
According to CoinDesk’s Bitcoin tracker, bitcoin began the week hovering around $62,000 on Monday morning.
Bitcoin hit a new all-time high last week, reaching $66,974 on Wednesday, Oct. 20. This recent increase occurred in conjunction with the highly anticipated debut of the first Bitcoin ETF on the New York Stock Exchange earlier this week.
While Bitcoin’s price has already fallen back to its previous high, the new milestone is an astounding achievement considering the currency was floating around $11,500 per coin just a year ago.
Watch out for continued volatility
You may anticipate continued fluctuation If you’re trading in cryptocurrencies. Experts advise investors to limit their cryptocurrency holdings to less than 5% of their whole portfolio.
You should avoid letting a price drop affect your choice to purchase cryptocurrency and avoid letting a quick price surge impact your long-term investment strategy.
Even more critical, do not increase your crypto purchases solely because the price is growing. Before investing further funds in a speculative asset like Bitcoin, ensure that you have covered all of your financial bases — from retirement accounts to emergency savings.
Bitcoin’s most recent significant increase is likewise nothing. Kiana Danial, the founder of Invest Diva, explained that while bitcoin’s price has usually increased over time, we have seen significant volatility along the road.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/bitcoin/bitcoins-price-has-surged-sharply-after-elon-musk-remarks/
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