Sunday, May 26, 2024

Market Watch: Bitcoin Makes Progress Towards $50,000 Mark

Bitcoin is being extremely bullish in the month of December, but it is slowly and steadily inching towards the $50,000 mark. In the last 24 hours, BTC is up 5.57%, standing at $48,655. December has definitely witnessed highs and lows for the world’s most popular cryptocurrency. With the new year just around the corner, crypto enthusiasts are hopeful that 2022 will push bitcoin across $100,000.

The slow and steady highs for bitcoin is nothing new. 2011 witnessed BTC jump from $2 in mid-November to $6 by December-end. This was a whopping 200% increase for the digital asset. Similarly, 2013 and 2014 recorded a bearish BTC. From $471 in mid-September to barely making it to $300 by mid-December. Bitcoin is indeed dicey.

But it has gained millions of investors across the world. And most recently, it has found enthusiasts in Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey. Dorsey, who describes himself as a ‘big supporter’ of crypto has been fanatical about bitcoin since way back in 2018. During his stint as Twitter CEO, he enabled bitcoin tipping. This year, he took his love for bitcoin a step further by renaming his firm to Block. Dorsey believes bitcoin will unite the United States and the world. He even tweeted that one day, bitcoin will definitely replace the dollar.

As far as Elon Musk is concerned, he seems to have a sort of heart-break relationship with the popular cryptocurrency. In February, there were reports of Tesla purchasing $1.5 billion worth of bitcoin. The American EV company its filing with the SEC said it bought the cryptocurrency for its flexibility to diversify and maximize returns on cash.

Musk on Clubhouse had described bitcoin as a good thing and confirmed that he was a supporter.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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