Bitcoin’s value has risen to over $23,000 – a $3,000 increase in 24 hours

Over the past 24 hours, Bitcoin’s value has increased by over $3,000, bringing the digital currency’s value to all-new heights. Today, a single bitcoin is worth more than $23,000. and some analysts are predicting further increases in value as we enter in 2021. 

Bitcoin hasn’t just recovered from its 2017 crash; its value has reached an all-time high.  Some analysts have predicted that Bitcoin’s value could climb to over $100,000 over the course of 2021; that said, the value of Bitcoin has already dropped below its new high of $23,441.60, and it is possible that the market could crash again if enough investors cash out. 

While Bitcoin’s value may make little sense to some, neither does the current state of the global economy. The US stock market is booming despite higher levels of unemployment within the country, making today’s Bitcoin value no less crazy than the value of many stocks and shares.  

The recent increase in Bitcoin’s value has been partially fueled by increased use of the currency by mainstream payment companies. Paypal is already preparing to support Bitcoin, and Square already supports the currency. Institutional demand for the currency is also increasing, with some seeing Bitcoin as “digital gold”.