Bitcoin records 400% surge since March; hits $25,000

By Rahul Vaimal, Associate Editor
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As the world celebrates Christmas, its wave also touched Bitcoin to set a new all-time high record of $25,005.53 before falling back to $24,971.23, up 6.28 percent on the day, marking a 400 percent surge in the past eight months.

Earlier, the world’s most valuable digital coin had touched $24,000 and continued its rally undeterred by a torrent of dismal warnings and alarm bells sounded by adversaries including Nouriel Roubini, nicknamed “Dr. Doom” for his famously pessimistic predictions, and former White House chief economic advisor Gary Cohn about its unavoidable collapse.

According to analysts, the race of Bitcoin controls about 66 percent of the global cryptocurrency market which has been driven by institutional investors like Anthony Scaramucci’s Skybridge Capital, MassMutual and Guggenheim.

Recently the leading online payment platform PayPal stated that 350 million users would soon be able to deposit bitcoin and other cryptocurrencies in their accounts and spend it at 26 million merchants.

Since the announcement of PayPal in March about allowing its account holders to use Bitcoin, the value of the cryptocurrency has surged from $5,000 to $25,000.

Experts projects that the digital coin will touch $27,000 within a few weeks. ZebPay, one of India’s largest cryptocurrency exchanges, has predicted that Bitcoin’s value to hit over $135,000 by 2030.

Launched in 2009, Bitcoin became the first cryptocurrency to adopt a decentralized network for transactions based on block-chains. This exempts the currency from central bank policies and regulations, thereby deriving its value through a process called ‘mining.’ Bitcoins can be transferred using peer-to-peer transactions, the data record-keeping of which are done by blockchains.