Bitcoin crosses $50,000 mark. Should you invest?

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Bitcoin is a volatile asset. It touched the peak of nearly $64,000 in April but within few days it also touched the lowest mark of $28,901 on June 22, 2021. Since then the oldest cryptocurrency has been rangebound. But it has now again started gaining momentum as it crossed the mark of $50,000 on Monday for the first time in the 3 months. Will it be able to hold the momentum breaking its previous high.

Bitcoin is currently trading at $49599 and has given more than 70% since the beginning of this year. Currently, the global market cap is at $2.14 trillion, 0.58% lower than the previous day.

“The overall momentum of Bitcoin is coming back. When the value of Bitcoin crosses an all-time high, it moves fast. One would have noticed that during the last week of 2013, the value of Bitcoin was 1200, and when it grew in 2017, it went from 1200 to 20,000, just in a few months. The growth was humongous. Bitcoin is getting is closer to the higher end of the trading range. The coming few weeks will be exciting times for Bitcoin, and we are hoping to see Bitcoin trading in six digits by the end of the year. Moreover, the growth in price leads to a rise in the number of new user registrations, and more awareness is getting built.” – Gaurav Dahake, Founder & CEO, Bitbns.

Bitcoin fell down recently due to environmental concerns. Due to the crackdown on Bitcoin mining in China, the value of the cryptocurrency fell below $30,000. Experts, however, say in the past it has been observed that a span of low volatility in Bitcoin is often followed by a period of high volatility and vice versa. Going by the past trends the high volatility is expected going forward.

Twitter founder Jack Dorsey also announced recently to launch a Bitcoin wallet. He said it is the currency to reduce transaction costs and improve people’s lives. He also added that cryptocurrency would help people in making cross-border payments.