It is impossible to predict whether the cost of this digital gold will go up or down because all the control of this currency is in the hands of investors, traders, buyers, or sellers, i.e., crypto or bitcoin s. Therefore, sometimes, the value of these coins goes very high, and sometimes, it falls to its regular price or under the regular price. This is because there are a lot of factors that affect the value system of bitcoin, and no one can say whether, through this factor, these coins will rise or fall since the future is uncertain. If you’re interested in learning more about bitcoin trading, go to https://bit-iq.io/ for a complete guide.
Bitcoin’s price in November 2021
The value of bitcoin was near 30,000 dollars in the mid of July 2021, and over time, the cost of one bitcoin started increasing seldom. As of September 2021, the value of this digital coin hit 44,000 dollars and was increasing in the same process. It was like now it was a time of booming, and bitcoin’s value will never be back. November 2021 was the peak month that bitcoin touched the highest value ever, 68,000 dollars. Many articles were published about the bitcoin’s cost prediction that bitcoin will cross over one lakh dollars, and people started putting their money in this digital asset. The value started falling, and in panic mode, many people started withdrawing money and suffered losses because of all the predictions reversed by the article writers or experts. As s were withdrawing money, the value continued falling until the value reached 35,000 dollars in the middle of January 2022. But after January, the value was getting pumped, and people felt relaxed and did not sell their coins.
Why bitcoin started appearing positive
Since many things fluctuate the value, there was news that may cause bitcoin to pump in May 2022. First, there was the news of the leaking of the treasury statement in America of Secretary Yellen.
The statement leaked from the secretary regarding the fear of crypto breakdown shows that, unlike other countries that ban bitcoin, bitcoin and other cryptocurrencies will not get banned in America. So people started taking it positively and started spending cash on it. The result is that the value of bitcoin started rising.
Since the supply of bitcoin is limited up to a certain level (21,000,000), and when people start buying more and more, the value will go up automatically because the supply is limited, but demanding s are over the limit. There were also fears of banning bitcoin and other cryptocurrencies in America because some countries have already declared or banned bitcoin and other digital assets. The American people were losing hope of investing money in this currency, but after reading the leaked statement, they relaxed and started spending on it. The latest value of bitcoin is 46,422 dollars, which is an increase from its January value of 35,000 dollars. The statement shows the fear of the president of the US about the illicit activities happening through this digital asset, and Biden does not want to ban bitcoin entirely because many people invested their savings in this crypto. Bitcoin is also giving many facilities to the US economy, i.e., economic development, and he does not want to ban it. Biden wants to separate it from the domestic currency and track the bitcoin s to maintain the balance.
Other cryptocurrencies also get the hype
As we all know, there is not only bitcoin, but there are over 15,000 cryptocurrencies, and people are diversifying their portfolios by investing in different digital assets. Many people are also making millions by investing in other cryptocurrencies except bitcoin-like Ethereum and other altcoins. The Other cryptocurrencies will also rise when the value of bitcoin increases since bitcoin is the father of all the currencies. Some people want to spend their money on other cryptocurrencies in the US. Some want to add money to bitcoin; if there is no announcement banning bitcoin and cryptocurrency s except bitcoin s, they will start investing money, and the value will go up.