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How Cryptocurrency-Based Companies Like Patricia are Shaping the Digital Currency Market in Nigeria,Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters

Bitcoin hits $10,000, as cheap money floods financial market

Olumide AdesinabyOlumide Adesina
3 years ago
in Business News, Cryptos
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Bitcoin, the world’s largest digital coin, briefly surged above the $10,000 mark, as demand for it gained momentum.

It climbed as high as 2.7% to a high of $10,070 yesterday, touching the $10,000 mark for the first time since Feb 24, 2020. However, as at 7.35am today, bitcoin was trading at $9,807, with its market capitalization stands at about $181.9 billion.

The digital coin market is worth about $269.9 billion as of Saturday morning, according to data from CoinMarketCap.

READ MORE: Nigeria’s External Reserves drop below $47billion below for first time in 4 months

“Bitcoin traders are sentiment-driven at its peaks and valleys, and the post-halving hangover is part of the normal price ebbs and flows on top of Bitcoin’s fundamental value,” said Jehan Chu, managing partner with blockchain investment and advisory firm Kenetic Capital, to Bloomberg.

Bitcoin is not issued by centralized sovereignty like government-issued currencies are. That is why it is often classified as a “decentralized” digital coin. Instead, it is created by code and designed by a technology known as the blockchain.

READ MORE: JPM coin: What it is and what it means for Cryptocurrency

In addition, there are only 21 million bitcoins that can ever be produced, of which about 18.5 million have already been mined. This shows that bitcoin cannot be created arbitrarily, thus maintaining its high value, unlike most central banks around the world that keep printing money to stimulate the global economy.


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Tags: BitcoinBusiness Newscryptocurrency marketExchange RateMoney marketsNigerian Business News
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market journalist and investment trader. Message Olumide on Twitter @tokunboadesina

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