The cryptocurrency market is on a roll today as Bitcoin recedes above $ 40,000 and Ethereum ether is at an all time high.
Bitcoin is now trading just over $ 40,000 per coin, up over 16% in the past seven days alone. The digital currency is recovering from a fall in the market in late December / early January which saw it dip to $ 31,000. Such titanic drops are not unusual in the extremely volatile cryptocurrency market.
Bitcoin is a digital currency created by “mining” a blockchain, which rewards users who solve complex equations. Although some compare it to the tulip craze and other speculative investments, it has attracted many world-class investors and financial institutions, especially in the past six months.
Only 21 million Bitcoin will ever exist in the complex system, making it a finite resource.
The Bitcoin boom is a tide that lifts other boats. Spare parts such as Ethereum’s Ether (now at $ 1,700) and Litecoin ($ 157) are also at or near all-time highs, boosting all markets. Other coins are also on the rise, creating a scorching market in early 2021.
Overall, a robust cryptocurrency market means good things for new entertainment startups, as investors who are bursting with additional cash as their crypto holdings grow are more likely to support new businesses. disruptive.