The present times have seen a sharp decline in currency valuations across the world. One major reason behind it goes to the novel coronavirus outbreak in 2023.
However, the most popular cryptocurrency, Bitcoin, has seen a 200 percent upsurge in valuation in 2023.
The digital currency put down by the leading analysts after the nasty crash of 2018 made a strong comeback in 2023. At the moment, one Bitcoin stands roughly at $36,628.
Bitcoin (BTC) reached its peak price on New Year’s Eve at $32,203, wishing a prosperous year ahead for the crypto investors.
At the moment, it has a market cap of a whopping $699.8 billion and counting, states Coindesk. To catch more crypto insights, visit newsday.co.zw now.
The Bitcoin valuation is more than the net worth of Mastercard, Visa, and Walmart. That’s huge.
Let’s catch some insights on popular cryptocurrencies one by one, starting from Bitcoin, the most lucrative investment you could ever make in 2023.
Here is a list of the most popular cryptocurrencies active in 2023. Let’s find out the reasons behind the upsurge in valuation for them.
The Rise of Bitcoin in 2023 – How & Why of It
Covid-hit 2023 led to the revival and gave a major thrust to the rise of digital currency. Many investors are of the view that the pandemic created an ideal habitat for cryptocurrency.
Top reasons behind Bitcoin’s Growth —
- The recent plunge in the traditional currencies and assets paved the way for a growing acceptance of cryptocurrencies worldwide.
- Bitcoin valuation has seen a significant jump after big brand investors like MicroStrategy put money into the digital currency. Companies like Grayscale even started managing the cryptocurrency for their clients.
- The inflation level also dropped, leading to the rise in Bitcoin’s price.
- Even PayPal allowed people to buy and sell Bitcoin. That’s a Bonanza for investors.
Each of these individual factors played a crucial role in making the Q3 and Q4 of 2023 a major success for lurking investors.
The Aftermath of MicroStrategy Effect
Post MicroStrategy’s investment drive (Aug-Sept) of $425 million in Bitcoin, BTC saw a series of investments falling into its encrypted wallet.
Following the footsteps of MicroStrategy, Square put 1% of its company’s total assets into Bitcoin. That’s $50 million.
Both Microstrategy and Square made a staggering profit of 103% and 113% on their first Bitcoin money drive. They now hold $864 million and $106 million worth of Bitcoins.
The next big chunk of money for Bitcoin came from One River through a hedge fund. The company poured in $600 million in the digital currency.
The CEO of One River, Eric Peters, even promised to buy $1 billion worth of Bitcoin holdings in 2023.
All of these major investments came as an after effect of the MicroStrategy investment.
Ethereum – The Next Big Cryptocurrency
Ethereum is another big name in the world of cryptocurrency. It runs on the ethereum blockchain — a new tech that reinforces the crypto coin.
After its inception in early 2015, it rose to greater heights in market valuation and trading volume.
Ethereum is now at the second spot with $139.39 billion in market capitalization, ahead of Tether but far below Bitcoin.
What Gave Ethereum A New Shell-Life?
Here is a list of reasons that added a new life to Ethereum’s valuation.
- Ethereum offers greater functionality in terms of distributed applications and smart contracts. It does not require any third-party control and runs in a safe and secure environment.
- The market saw a rise in trading volume in March and April with high activity among Ethereum traders. It is well out of the bad times when it has a $100,000 trading volume a few years back.
- The upsurge in Ether’s price has given a significant boost to the Ethereum buyers and traders. It gained its peak popularity in June 2023 in countries like Singapore, Netherlands, and Slovenia.
- Ethereum tokens are a great way to drop its assets into the blockchain network.
These key factors are set to play a significant role in driving massive growth for Ethereum beyond 2023. It may soon be possible to see Ethereum take over the market valuation in cryptocurrency.
Now that we have seen some critical factors behind the growth of cryptocurrency tokens, let’s move on a step further.
5 Reasons Why You Must Invest in Cryptocurrency —
Cryptocurrency is seeing the day of the light after facing severe backlashes from the banking giants and governments. Here are five reasons to consider while investing your money at the right places.
- A safe Asset
Purchasing or mining bitcoins is easy and reliable for people looking to build their assets. It’s relatively better and popular than gold.
Cryptos are way ahead of gold in terms of a go-to asset.
Amid pandemic and controversial US election results, it is better to invest in digital currency as it does not have any political or financial impact on your crypto money.
- Privacy-filled currency
The cryptocurrency was built as an alternative currency to trade without need for any government banking system. Any political or ideological timeshifts do not influence it.
The rise of online tracking in reaction to the Covid pandemic has reinforced the public’s trust in cryptocurrency’s potential.
- Deceit Proof
Every transaction on cryptocurrency is stored in a public database. The digital technology currency keeps its owner’s identity encrypted to ensure a legit registration.
No banking systems or governments have any control over it. The currency is decentralized to give buyers and sellers full privacy.
- Prompt Resolution
The torchbearer behind cryptocurrency is blockchain. It is the key reason behind offering a secure yet simple transactional currency.
Just a smart device and web access are enough to carry out money transfers and payments.
- Open to All
Almost 2 billion people on the planet have internet access now with no authority to use any conventional banking systems.
How bad is that?
Cryptocurrency is an ideal system for people of this sort. It is open to everyone who has web access. So, enthralling.
What Makes Cryptocurrency (Bitcoin) a Digital Gold?
Not just Bitcoin, every other digital currency is on the way to outrank gold in terms of reliable assets. But, Bitcoin may be the first.
Bitcoin may grow to $318,000 by the last quarter of 2023. Yes, you heard it right.
Gold is a safety cover for many because it sustains the impact of world affairs. The same is the case with Cryptocurrency. Public are the sole owners of it, and only they have access to their wallets with no interference from government and banking systems.
Come out high on crypto investments and make a bounty to enjoy the rest of your life.