Bitcoin Fetches Yet Another Record Breaking Value

Bitcoin value surges for more and goes over US$ 37,400. Yet another all-time high record has been acclaimed by Bitcoin. As of today, the valuation of entire digital assets is touching US$ 700 Billion as it surpasses US$ 689 Billion. On Wednesday, the crypto economy to has gone past US$ 1 Trillion as well.

 Bitcoin took another leap on Wednesday when its value surged for more and gone past US$ 37,400, however, dropped a couple of hundreds.

As per the current rate of Bitcoin at Coindesk, the coin’s value is US$ 37,255.88 and further increase is indicated. But US$ 37,400 was yet another all-time high record acclaimed by Bitcoin.

It was recorded that Bitcoin’s value had surged by more than 8.5% in less than 24 hours’ time. In its past 7 days of progress, Bitcoin has surged by about 27%. Similarly, the legendary coin had surged for more than 91% and 235% within 30 and 90 days respectively. The records that had been set up Bitcoin looks impossible to be broken by any other cryptocurrency. But the only exception is considered to be Bitcoin itself which has immense potential to tearing apart its records.

Most importantly, Bitcoin had also outperformed the US Dollar in the year 2020. Glaringly, the coin had remained dominant over the dollar throughout the year and gone up to 350% approximately. Irrespective of all these phenomenal achievements, however, Bitcoin couldn’t make much difference in its dominance index.

In the past 24 hours, the hash rate for Bitcoin Network too had increased exponentially. It was reported that Bitcoin miners had been dedicating exahash @ 162 EH/s every second.

An executive at Bitcoin Depot informed the press that due to shortage of Bitcoins in the market, Bitcoin’s demand is going high. The executive also informed that currently, Bitcoin’s adoption rate is at its peak while the supply is also persistent. He explained that this would only result in a further increase in the value of Bitcoin.

In addition, with the increase of Bitcoin’s value, other crypto-assets too got to see their turns of acquiring further gains. On the top was ETH followed by BCH, ADA, XLM, and Link, whose value increased by up to 8 to 70%. It was also reported that since EthereumBlockchain’s market cap had been continuously growing strong therefore Bitcoin’s dominance had declined slightly. Currently, the market cap of Ethereum had gone past US$ 138 Billion.

Yet, in terms of value increase, Bitcoin had been leading the entire crypto industry from the front. A second is Ethereum, which started off 2020 with a value of US$ 132 per ETH. However, the current trading price for ETH is US$ 1,192.75 according to CoinDesk. In addition, the ETH price index at CoinDesk suggests a further increase of about 3.08%.

As of today, the overall market capitalization of entire crypto assets had gone past US$ 1 Trillion.