Bitcoin after two weeks of struggle has finally crossed the $50,000 threshold on Christmas Eve of 2021. This sentiment was reciprocated by fellow cryptocurrency Ethereum and the US stock market. At the time of writing, bitcoin is up 5.44% in the last 24-hours, standing at $51,000, whilst ethereum is $4,100 up 3.50% in the last 24-hours.
The past two weeks has been a struggle for the popular cryptocurrency as it tried to break the $45,000 and the $50,000 mark. A day ago, it fell to $48,000 market following the Web3 feud on Twitter between the maximalists and supports of a decentralized version of the internet. However, it hadn’t deterred the crypto enthusiasts from staking their bets on bitcoin crossing the $50,000 mark on Christmas day.
Ross Mayfield, an investment strategy analyst at Baird, sees bitcoin as a high-beta risk asset. He believes that when the world’s most popular cryptocurrency is up, the gains are really high. But when it’s down, it’s really low. Mayfield said bitcoin is definitely not a volatility hedge.
Analysts predict more gains for bitcoin and ethereum for the crypto market to end 2021 on a high note. By far, the year has been eventful for digital assets, especially in the European market. In Germany, startups like Finexity and Exporo are creating digital assets for the real estate sector. The Crypto market has been boosted by enthusiasts in Europe. With digital assets, investors can invest in real estate with just 5,000 euros.
Furthermore, the adoption of cryptocurrency has been like never before. Reports state that about 15,000 businesses across the world accept bitcoin. And there are 2,300 such businesses in the US alone. 2022 will see close to 20,000 accepting cryptocurrencies for payments.
