May 19, 2022

The Rise of Cryptocurrency, and Why It Became as Huge as It Is Today

This year, we’ve witnessed many new all-time highs for Bitcoin, as well as a rise in the number of prominent corporations investing in cryptocurrency. The 2nd  biggest cryptocurrency Ethereum hit a new all-time high as well in the last months of 2017. Biden and the U.S. government authorities are growing interested in regulating bitcoin.

Cryptocurrency has become a major issue in popular culture due to everyone from long-time speculators like Elon Musk.

Cryptocurrency scams

Unfortunately, you are bound to find scammers in the crypto sector and their only aim is to steal your coins. Cryptocurrency’s rapid rise in these past years has provided scammers with a wealth of new techniques to con you out of your money. According to research b, scammers stole $15 billion of cryptocurrency in 2021. It’s critical to understand the dangers of cryptocurrency if you’re considering it. If you would like to learn more, you should take some time to read this guide regarding the bitcoin scammer list 2022, which will open your mind to how scammers aim to steal your money.

Bitcoin surpassed $1 trillion

On February 19th, the market value of bitcoin surpassed $1 trillion for the 1st time ever.

Significant institutional investors and well-known financial firms began supporting bitcoin earlier this year, and now it has reached a key milestone. When Tesla, Square, and MicroStrategy started using their balance sheets for bitcoin purchases, it was a clear indication that bitcoin was going up in the market.

Dogecoin’s all-time high was made possible in part by Elon Musk

The value of dogecoin began to rise in May, soon before Elon Musk appeared on “Saturday Night Live.” Dogecoin reached an all-time high of 73 cents on May 12, the day of Musk’s performance on Saturday Night Live.

However, the price immediately dropped from that high point. Dogecoin plunged as much as 29.5percent and as low as 48 cents during Musk’s appearance on the show.

Dogecoin’s roller-coaster ride this year was largely due to the influence of Tesla CEO Elon Musk. To put it another way, Musk, CEO of SpaceX and Tesla, has been a persistent promoter of the meme cryptocurrency. Following a tweetstorm from Musk, Dogecoin’s rally started in February, and he has pushed to promote the digital coin ever since.

Bitcoin’s Prognosis for the Future

Since Bitcoin is the biggest cryptocurrency by market capitalization, it serves as a good barometer of the whole cryptocurrency industry.

In October of 2021, Bitcoin achieved a new record-breaking high price of $68,500, making it the most expensive currency in history. Previously, in October and April, there were record highs of more than $60,000, followed by a summer low of less than $30,000. When it comes to cryptocurrency, experts advocate limiting your crypto assets to under 5percent of your whole portfolio.

How far will Bitcoin go? Bitcoin is expected to reach $100,000 at some point in the near future, according to a wide range of analysts. Cryptocurrency expert Kiana Danial believes that Bitcoin’s history might provide investors with a sense of what is to come in the future.

Since 2012, Danial claims, Bitcoin’s price has seen a number of large surges and subsequent dips. “I predict brief instability and long-term development from Bitcoin.”

About the author 

Kyrie Mattos

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