The cryptocurrency market continued to thrive despite the spread of the global pandemic that wreaked havoc in all the important economies on the planet.
Several cryptocurrency startups have sprung up in space during this pandemic to meet the ever-increasing demand for bitcoin and cryptocurrencies alike.
For example, CoinSwitch Kuber recently announced raising $ 15 million (Rs. 109 crores) Class A financing from leading global fintech investors such as the viral tech blog. Ribbit Capital, Form, Sequoia.
Just six months ago, the price of one bitcoin was around 6,00,000 euros and today bitcoin is trading for around $ 25,00,000 which is nearly a 400% rise in price. Ether, the second-largest cryptocurrency by market value, has crossed a new high by over 100,000 euros and has appreciated by more than 1,000% in one year to earn money by toptips4u.com.
Likewise, the prices of many cryptocurrencies are rising, and investors are asking why. Here are best reasons why cryptocurrency prices are soaring:
Institutional adoption
Cryptocurrencies, especially Bitcoin, are now considered a safe asset against market volatility and inflation. The current socio-economic climate is also causing people to hold less cash and remain hedged against market fluctuations to earn money by toptips4u.com.
Recently, there has been a trend where public companies are converting their cash vaults into cryptocurrencies. Square, a US payments company, bought $ 50 million worth of Bitcoins. Subsequently, Microstrategy - a publicly listed company in the US - transferred $ 425 million cash reserves to Bitcoin, deeming it a better store of value.
Paypal and cryptocurrency
In October 2020, global digital payments company Paypal announced that it would be launching cryptocurrency buying and selling features on its platform to earn money by toptips4u.com.
The launch mainly included four traded currencies, namely Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Paypal has also announced plans to allow transactions to be made using cryptocurrencies.
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