Cryptocurrencies may go with a bull run more than this past year and pass the trillion-dollar mark regarding value, experts told CNBC, following a recent violent sell-off across digital coins.
Bitcoin has witnessed a huge fall in recent days, dropping below $6,000 the first time since mid-November. On Wednesday, it turned out trading above the $7,000 level as the cryptocurrency market stabilized.
At its lowest point , the total cryptocurrency market saw over $550 billion wiped off its value. But industry insiders see another rally ahead.
The Bitcoin companies are worldwide and the citizens of China and Japan have been particularly active in its purchase along with other China. However, recently in Bitcoin news the Chinese government has tried to suppress its activity for the reason that country. That action drove the value of Bitcoin down for the short period of time however it soon surged back which is now near to its previous value.
The Bitcoin history chart is extremely interesting. Its creator was an anonymous group of brilliant mathematicians (while using the pseudonym Satoski Nakamoto) who designed it in 2008 to become “virtual gold” and released the 1st Bitcoin software at the begining of 2009 throughout the height of the USA economic crisis. They knew that to possess lasting value, it like gold had to have a finite supply. So in creating it they capped the production at 21 million Bitcoin.
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