Posted on 09-01-2021 by Admin
Cryptocurrency Bitcoin has once again set a new record. The price of a bitcoin has reached close to Rs 30 lakh. Bitcoin reached an all-time high of 40,404.26 on Thursday, the world s largest cryptocurrency exchange Binance. In this way, the value of one bitcoin in Indian currency has risen to Rs 2936280 lakh.
Rapidly rising price of bitcoin Bank of America Securities has warned that it could prove to be the biggest bubble ever. The value of the world s largest cryptocurrency has increased more than double in just 21 days. It has touched an all-time high of $ 41,946.74 in the last 24 hours. It first crossed the $ 20,000 level on 17 December 2020.
There was a tremendous investment in Internet companies in the US in the bull market of the 1990s, due to which the share price of those companies increased exponentially. Between 1995 and 2000, the Nasdaq index of technology-intensive companies ranged from 1,000 to 5,000.
It is called dotcom bubble or internet bubble. On 10 March 2000, Nasdaq was at a peak of 5,048.62. It hit 1,139.90 on 4 October 2002 after the bubble burst. Bluechip technology stocks such as Cisco, Intel and Oracle were down more than 80 percent. It took nearly 15 years for Nasdaq to reach the dotcom bubble s peak. On 23 April 2015, the index was able to cross that level.
The bitcoin bubble has burst once in 2017. Bitcoin, which was trading at $ 6,200 on November 12, had reached $ 19,442 on December 17, 2017 in just 1 month. But after that in a month and a half, i.e. on February 6, 2018, it had fallen back to $ 6,162. After this, after trading above $ 8,000 on 25 July 2018, it came to $ 3,200 on 17 December 2018. It then fell to $ 4,970 on 13 March 2020 after crossing $ 11,900 on 8 July 2019.
At the moment, big investors are turning to bitcoin worldwide for immediate profit, due to which its price is going to boom. In November last year, its price had crossed the 18 thousand dollar level. First it went beyond US $ 20,000. Then after 10 days it crossed USD 25,000 and later USD 30,000. Now in just a few days in 2021, the price of bitcoin has crossed $ 40,000.