Bitcoin’s value pushes past $37,000 within hours of breaking past $36,000

Yesterday was a great day for Bitcoin, seeing the cryptocurrency’s value increase from 35,000 to 36,000 and then 37.000 within a few hours. So far, Bitcoin’s value has increased by 25% in 2021, an incredible feat given that it’s only January 7th. 

While Bitcoin’s rising value is the continuation of a recent upward trend for the currency, it is undeniable that global uncertainty has played a role in Bitcoin’s rise. Yesterday saw Donald Trump supporters storm the US capitol, alleging that the recent US presidential election was rigged against their preferred candidate. This event had had a huge destabilisation effect on the US dollar, making investments in alternative currencies, like Bitcoin, more attractive. 

Recent months have also seen increased institutional investment in Bitcoin, with many using the term “Digital Gold” to describe the currency. This investment has increased demand for the currency and has increased its value. As of now, Bitcoin’s market cap is $690.49 billion, making the currency larger than all but the eight most valuable publically traded companies. 

Other major cryptocurrencies like Etherium, Stellar and XRP have also increased in value over the past 24 hours, highlighting an upward trend across the cryptocurrency market. Will this trend continue, will these currencies be devalued once stability returns to the US, who knows. Bitcoin has always been a volatile investment, and that is not due to change anytime soon.