On Sunday, Bitcoin’s value surged above €27,000 for the first time, as the leading cryptocurrency continues to break records. While going down slightly, the price still stands at a significant €25,561.
The increase was chalked down to interest from big investors seeking speedy profits, and comes after Bitcoin jumped 300 per cent last year, with other digital currencies also experiencing an increase in price.
Ethereum, the second biggest cryptocurrency on the market, gained 465 per cent in 2020.
While Bitcoin has experienced an increase in value in recent times, the cryptocurrency has still proved to be a volatile investment.
Following on the events that took place three years ago, the crypto’s soaring price has caused concern among stakeholders that Bitcoin is due for a significant correction, similar to what happened in 2017 when the value collapsed after a bull run.
During this period, Bitcoin came close to breaching through the $20,000 (€16,254) level, only to hit lows of €3,300 (€2,683).
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