The world’s largest cryptocurrency, Bitcoin, once again crossed the level of $ 50 thousand (Rs 36.54 lakh) on Thursday, 2 September. With a jump of 6 percent, the price of bitcoin had reached the level of $ 50239 (Rs 36.71 lakh). However, after this its price softened and now according to Coinmarketcap, its price is $ 48942.05 (Rs 35.76 lakh). Earlier, bitcoin had crossed the $50,000 mark on 23 August for the first time since May. It is not only that the price of bitcoin has strengthened, but other cryptocurrencies have also increased. Talking about the entire crypto market, its value increased from $ 2 lakh crore (Rs 146.14 lakh crore) to $ 2.25 lakh crore (Rs 164.40 lakh crore) in the last seven days.
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Bitcoin accounts for 80-90% of the crypto market
The price of bitcoin fluctuates a lot i.e. it is a very volatile currency. However, this currency has the highest demand in the crypto market. Atul Chatur, co-founder of Antilles Cryptocurrency Ecosystem, says that very few people around the world have bought crypto. At this time only about 100 million people have bought crypto in some form or the other. Of this, 80-90 percent is of bitcoin. According to Chatur, now more and more people and institutions are buying bitcoin, due to which there is a lot of volatility in its price. Apart from this, according to Chatur, bitcoin is bought and sold on exchanges around the world at some time or the other, that is, its trading is 24 * 7 * 365, due to which its prices are very volatile.
By the end of this year, the price may reach 73 lakhs
After increasing institutional interest in mid-July, its price recovered. Last week Twitter founder Jack Dorsey announced that his payments company Square would launch a decentralized bitcoin agency under the TBD project. According to Chatur, the price of bitcoin can touch the earlier record level of $ 63 thousand (Rs 46 lakh) within a month and after some ups and downs it can touch the level of $ 1 lakh (Rs 73.07 lakh) by the end of this year. Huh.
(Article: Sandeep Soni)