Home >Money >Personal Finance >Bitcoin trading close to $27,000 mark, its all time high

Bitcoin, the world's most popular cryptocurrency, has hit the $ 26,000 level to set an all-time record high on Saturday. Now, the cryptocurrency is trading very close to the next $ 27,000 mark. Bitcoin was trading at $26,900 at 7:13 A.M., as per the Indian time. According to CoinMarketCap, an aggregator that compiles data from more than 20 brokers, Bitcoin has risen over 8% over the preceding 24 hours. With these gains, the largest cryptocurrency of the world has risen by 271% year to date.

Bitcoin smashed through $20,000 for the first time on December 16, its highest ever. Bitcoin, worth less than $1 back in 2010 when it was touted as currency for purchases, is now amassing proponents who argue that its strictly controlled supply and wider investor base show it’s become a store of value. Critics, however, say this year’s rally is a bubble that can’t be supported by claims that digital assets should diversify portfolios and take flows from gold.

In Inida, the last traded price of a Bitcoin was over 21 lakh. In INR terms, players in India believe the bitcoin price may go upto 1 crore in the short term. "In short term, for the year 2021 the price range could be between 50 lakh- 1 crore owing to, the Bitcoin halving and growing global institutional demand," says Sumit Gupta, CEO and co-founder of CoinDCX.

In the next year, with even greater demand from retail, institutions will lead Bitcoin to be positioned as one of the primary investment assets, Gupta believes. He adds, "In the light of mainstream acceptance and recognition of Bitcoin, the price of 1 Bitcoin can be anywhere in the range of "single digit crore" in the next 5 to 10 years’."

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