The world’s largest cryptocurrency, Bitcoin has crossed the mark of $34,000 in just a weeks after crossing another major milestone.
The development came within 24 hours of Bitcoin crossing the $30,000 milestone. It’s value has increased around $5,000 within three days of 2021.
More traders and investors betting that it is on its way to becoming a mainstream payment method.
Gain in per cent
On Sunday, the Cryptocurrency gained as much as 9.8% to $34,792.48, before slipping to about $33,500 as of 3:05 p.m
Bitcoin advanced more than 300% in 2020.
The latest gains top an eye-popping rally for the controversial digital asset in 2020, which rebounded sharply after a severe crash in March that saw it lose 25% amid the coronavirus pandemic. –Bloombergquint
Gain from October
| Cryptocurrency | Closing price on October 1, 2020 | Current price | Performance |
| Bitcoin | $10,585 | $33,333 | 215% |
| Ethereum | $346.53 | $1,028 | 197% |
| Litecoin | $44.98 | $163.49 | 263% |
| Tether | $1.002 | $1.0008 | 0% |
| XRP | $0.2342 | $0.2323 | -1% |
Reason
The main reason behind the rise of Bitcoin may be bulk buying by big US investors.
They expect to make quick gains amid some positive developments around the cryptocurrency, including speculations that it could become a mainstream payment method. –Businesstoday.
Ethereum- Cryptocurrency
Ethereum also rose, surpassing $900 for the first time since February 2018 when it hit a record $959.15.The jump of as much as 20% to $921.92 on Sunday.
Comment from Nexo
Antoni Trenchev, Co-founder , “The currency will be on the road to $50,000 probably in the first quarter of 2021.
Institutional investors returning to their desks this week will likely boost prices further after retail buying over the holidays.”
GST on Trading
The Central Economic Intelligence Bureau (CEIB), an arm of Finance Ministry, has put forward a proposal to impose 18 per cent GST on Crypto trading.
They expect the gain of Rs 7,200 crore annually on bitcoin trading.
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