The world’s most famous cryptocurrency, the bitcoin, has crossed the $25,000 mark for the first time and reached a record high of $28,000.
The value of the bitcoin crossed $28,000 on Sunday, but on December 28 it dropped slightly to between $26,000 and $27,000.
At present, the value of one unit of this world currency, or let’s say one rupee, has reached more than 26,700 dollars (about 4.3 million Pakistani rupees).
The market value of this digital currency reached $500 billion for the first time on Sunday.
The bitcoin crossed the $20,000 marks for the first time 12 days ago and looks set to hit the $30,000 targets this week.
It has attracted a lot of investors this year who are buying it for potentially immediate profits.
Investors are investing in bitcoins and other cryptocurrencies during the COVID-19 pandemic.
Such fluctuations in bitcoin prices are not new, as seen in 2017, but analysts say prices are more likely to remain stable this time around than in the past.
They said that this corrupt currency was being bought by more investors at the company level.
They said that investors are also interested in cryptocurrency because they see more opportunities in this sector in the future.
The value of the currency rose more than 900 per cent in 2017 to close to $20,000, but financial experts warned that the price could fall sharply.
Then it happened and in February 2018 the price went below 7 7,000.
Given the rise in the price of bitcoin, some experts have predicted that this trend could continue in the coming weeks.
Some experts believe that bitcoin could be an alternative to gold as it is being accepted by big companies like PayPal.