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What is going on With Bitcoin, Where is it headed?

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Sep 13, 2021

The past twelve months have been a roller-coaster ride for the entire cryptocurrency. It was back in September of 2020 when huge investments started coming towards the cryptocurrency sector. That is when the rally in the cryptocurrency sector started growing larger with every passing day.

In just a short amount of time, the cryptocurrency industry gained global recognition. Countries from all over the world were flocking to adopt crypto-blockchain technology. Several countries adopted these technologies for many purposes related to medical, sports, logistics, supply-chains, and many more spaces.

However, there was only one cryptocurrency that was going to earn the title of being the largest in the entire crypto-verse. Therefore, it did not come as a surprise to any person from within the crypto-industry when Bitcoin (BTC) emerged as the largest cryptocurrency in the world.

It was towards the end of 2020 when Bitcoin started gaining prominence and mass adoption. Since 2017, it was for the first time that Bitcoin hit an all-time high and crossed its previously set record of $19.5k per BTC.

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In the year 2020, Bitcoin went on to hit its new all-time high of $28k per BTC. However, Bitcoin was not going to stop there as it continued growing larger in valuation and price in the upcoming months. Until the first half of April 2021, Bitcoin had hit the price of $64.8k per BTC.

That is when Bitcoin’s demise came and until mid of May, its price had fallen below the $50k mark, followed by another major plunge, bringing its price close to $30k per BTC.

Until the end of July 2021, Bitcoin continued fighting with the market trend as its price kept revolving around the $34k per BTC figure to $38k per BTC figure.

However, the month of August was special for Bitcoin as for the first time in three months, Bitcoin again crossed the $50k per BTC figure.

In mid of July, Bitcoin price hovered above the $50k per BTC figure before experiencing a correction and came down to fluctuate between $45k per BTC and 48k per BTC. Still today, Bitcoin price is floating between the mentioned figures but now, Bitcoin is not going to look back.

There were a couple of major reasons that led the price of Bitcoin to such a low figure. The first concern was the high carbon emissions being caused due to high consumption recorded by Bitcoin mining farms. In order to meet the high energy demand for mining Bitcoin, countries had to resort to resources that generated high carbon emissions.

The second factor was the Chinese regulatory crackdown on Bitcoin mining farms in China. As a result, the majority of the mining farms in China relocated to countries and regions other than China. Now, as the Bitcoin industry has stabilized, the price of Bitcoin has started growing higher as well.

According to the majority of the analysts, Bitcoin price is going to hit the $100k per BTC mark by the end of 2021.

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