Bitcoin Hits Another Milestone, Crosses US$35,000-Mark

2 min read | January 06, 2021 07:06 PM AEDT | By Team Kalkine Media

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Bitcoin Hits Another Milestone, Crosses US$35,000-Mark

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Bitcoin has yet again set a new price record, breaching the US$ 35,000-mark on January 6, 2021. After crossing US$ 34,000 on January 3, the crypto giant tumbled approximately 17 per cent on January 4, displaying volatility. It was highest single day drop since March 2020.

However, the crypto coin soon roared back, and soared to an all-time high of over US$ 35,800 per unit.

The 11-year-old digital currency has returned as much as 22 per cent over the past week. The largest cryptocurrency has yielded more than 336 per cent growth year-to-date (YTD).

Meanwhile, the second-largest cryptocurrency, Ether, soared past US$ 1100 per token-mark and has swelled 44 per cent in the last seven days. This digital coin has displayed sustainable growth throughout in 2020, surging over 600 per cent.

Emergence Of Cryptocurrencies:

Bitcoin has been leading the crypto rally, driven by the mainstream acceptance of blockchain-backed currencies. On top of this fintech firms such as Square Inc. (SQ:US or NYSE: SQ) and PayPal Holdings Inc. (PYPL: US or NASDAQ: PYPL) are betting higher on the virtual coins, and letting users buy and sell cryptocurrencies on their platforms.

After the cryptocurrency rally buzz towards the end of 2020, the crypto exchange Coinbase privately filed for an initial public offering (IPO). However, the company is yet to clear the regulatory compliance of the US Securities and Exchange Commission.

A group of major central banks are set to launch their own virtual currency known as central bank digital currency (CBDC). CBDC would also use blockchain technology to provide a swift payment experience to customers. Unlike privately owned cryptocurrencies, the central bank owned virtual coin would be consolidated and controlled by monetary regulators.

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A Glance At Other Crypto Coins:

Litecoin jumped more than 7 per cent to US$ 163 per unit, in the last 24-hour. The coin has a current market cap of US$ 10.89 billion.

Ripple’s XRP plunged nearly 2 per cent in the last 24-hour after rebounding over the last weekend. Its current per token price is US$ 0.226672 per token. XRP has a present market cap of approximately US$ 22 billion.

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