Bitcoin- The topmost cryptocurrency of the decade?

The industry of cryptocurrency has very recently started blooming in the past decade. Earlier, many did not even know that something like that exists. The world of cryptocurrency came into the limelight in the year 2009, and now it has reached the value of around 47,000 dollars. However, there have been certain ups and downs all the way and it was not a smooth ride for the cryptocurrency business. btc billionaire is one to know about bitcoin and other cryptocurrencies.

For all we know, we know that bitcoin is the cryptocurrency that has managed to stay at the top of the market. Several major hacks, flash cracks, later, bitcoin was the one to emerge victorious in the past decade. For example, Ripple (XRP), which has suffered following the market collapse in 2018, is currently trading at £ 0.17, a decline of 37 percent since the beginning of the year. The bulk of altcoins have failed to achieve much momentum since the spring and have been following a downward path. On the other side, although Bitcoin had its fair share of peaks and downs, it was a most prosperous year for the “king coin” of the industry, making Bitcoin the biggest cryptocurrency of the decade.

The times when Bitcoin flew high

Bitcoin started on a very slow note back when it was founded. However, a big boost happened after the year 2019. At the beginning of 2019, it fell to a decline of around 3000 dollars, but later it slowly grew that year itself and went to become around 10,000 dollars.

There was no clear cause for the Bitcoin spike in the summer, but after the announcement of crypto ventures by institutional investors, some industry analysts highlighted an increased demand for Bitcoin. The price of Bitcoin began to decline in the second half of the year, and it dropped by more than 10 percent in November in just one day, when a market collapse wiped billions off the valuation of many major cryptocurrencies.

The decline was felt by many people, as there was a loss of individual investors in cryptocurrencies. But there was an increase in institutional investors at the same time. Despite this, Bitcoin was currently priced at £ 5,554 in the year 2019, marking a remarkable 96 percent increase since the beginning of the year. In other words, in the space of 12 months, Bitcoin has almost doubled in value, which is a phenomenal accomplishment considering the uncertainty of the sector. It is considered uncertain as there is no stability like the stable coins.

The major achievements of Bitcoin over the years

Bitcoin has received great success in the year 2020, and now it is soaring even higher. In April 2019, Bitcoin’s public blockchain registered its 400 millionth transaction. And the 18 millionth Bitcoin was mined in October, leaving just three million Bitcoin currency of the hard-capped 21 million Bitcoin supply available.

The bitcoin platform named Bakkt was also launched which led to a huge profit for many investors in the business. Then there was the ETF approval which was received in Canada, which made it possible to help bitcoin surge through the roof. With large financial firms, technology providers, and other businesses around the world gradually realizing its importance and potential, Bitcoin’s popularity has continued. For customers, it is now possible to pay at certain online retailers for products using Bitcoin, purchase real estate, and bet at an online casino.

What future does the Bitcoin cryptocurrency hold?

A lot has transpired in the year 2020 and it has seen a huge growth in the bitcoin arena.  However, the future holds interesting stuff for the bitcoin business. Hopefully, it will be positive. According to some predictors back in 2019, they had said that the bitcoin prices will shoot through the roof as soon as the blockchain technology comes through. The halving events have also made it possible to gain such a huge surge in pricing. After all, as it is a digital currency, people find it hard to trust it. They feel that they might incur losses if something bad happens. But bitcoin has remained on top of the game for very long now and hopefully, it will be amazing in the future too.

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.