Bitcoin is one of the most prominent and trusted cryptocurrencies. Its value has increased over time. Starting from a mere $0.00099 per bitcoin, it reached $57,000 today. The mark is all-time high in the last two years. If we talk in Indian rupees, it is currently Rs. 46,96,499.83 per Bitcoin, which is very close to touching Rs. 47 Lakhs in value. Thus, the craze among people regarding the coin is going high. We will share details about Bitcoin’s increasing price below.
Bitcoin Hits Its two years High Of $57,000 again On 26 February 2024
Bitcoin touches its two-year high on 26 February 2024. The market seems to have a rally in the bitcoin price. It was around $51,000 on 25 February 2024 and went up to $57,000 within a few hours. The coin first went to $53,000 rising to $54,000, $55,000, and then eventually crossing the mark to $57,000. The coin shows a growth of 140% in one year. Many professionals say that the coin made more growth than precious metals like gold and several stocks as well. It is a 2 year high for the coin after 2021.
Apart from that, others related to crypto trading also made a growth in the market. The coin makes 16% growth today with its opening price of $168.66. It is currently going at $193.94. Apart from that, Microstrategy Inc. also had around 15.86% growth today. Thus, its share opened at $687.94 today and is currently running at $796.48, which is quite good. On 26 February, the company made this steep jump along with Bitcoin in its shares.
The reason behind Bitcoin price rallying can be classified into different criteria. The first one is MicroStartegy itself. The company bought around 3,000 BTC recently valued at $155. Apart from that, MicroStrategy is now having Bitcoins worth $10 billion. Thus, it shows the immense confidence of the company on the coin. They strongly believe in holding these Bitcoins further, which increases the positive aspects of Bitcoin.
Several investors prefer investments in cryptocurrencies. The reason behind this is the expected cut in the interest rates. They believe that the Federal Reserve will no longer prefer interest rates hike leading to a shift in their investment decisions. Apart from that, there are also conversations going on about Bitcoin Halving which will reduce the supply of Bitcoin. The Bitcoin Halving is the reduction in rewards of the Bitcoin minors. The Bitcoin mining reward is 6.25 BTC per block successfully mined. It often takes the rewards to half, which will take place in the upcoming quarter of 2024. It means that it will lead to BTC rewards being 3.125 BTC per block successfully mined during the halving.