Bitcoin at all-time high, value surges past $26,000 | Mint
Active Stocks
Tue Feb 27 2024 15:57:55
  1. State Bank Of India share price
  2. 749.70 -1.23%
  1. Tata Steel share price
  2. 144.15 1.09%
  1. Power Grid Corporation Of India share price
  2. 292.50 1.65%
  1. Sun Pharmaceutical Industries share price
  2. 1,579.10 1.42%
  1. ITC share price
  2. 411.15 0.48%
Business News/ News / World/  Bitcoin at all-time high, value surges past $26,000
BackBack

Bitcoin at all-time high, value surges past $26,000

According to CoinMarketCap, an aggregator that compiles data from more than 20 brokers, Bitcoin was trading at $26,270.96 on Saturday evening, a rise of 7.36% over the preceding 24 hours.

Crypto enthusiasts like to compare bitcoin to gold using analogies of ‘mining’ bitcoin (AFP)Premium
Crypto enthusiasts like to compare bitcoin to gold using analogies of ‘mining’ bitcoin (AFP)

Bitcoin, the world's most popular cryptocurrency, has surged past the USD 26,000 level to set an all-time record high, according to trading data.

On Binance, the largest cryptocurrency exchange by trading volume, Bitcoin was trading at USD 26,286.74, as of 20:45 GMT on Saturday.

According to CoinMarketCap, an aggregator that compiles data from more than 20 brokers, Bitcoin was trading at $26,270.96 as of 20:47 GMT, a rise of 7.36 per cent over the preceding 24 hours.

Supply of the digital tokens are capped at a maximum of 21 million which it is expected to reach in 2140, with periodic reductions in the reward for the network of computers that certify transactions. Yet supply dynamics aren’t sufficient to guarantee a long-term future. Many assets have artificially limited supply: Baseball cards, limited print-run art work, and a number of historic Ponzi schemes fall into this category.

What distinguishes the successes is how investors respond to crashes. In most cases, when a vehicle designed purely around the greater-fool theory collapses, it never recovers. There has been no substantial progress made on Bitcoin as a unit of exchange. It’s far from widespread adoption as a currency.




Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Dec 2020, 05:56 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App