The cryptocurrency market is booming today, with Bitcoin surpassing the $ 40,000 mark and the ethereum ether is at an all-time high.
Bitcoin is now trading at just over $ 40,000 per currency, an increase of more than 16% in just the past seven days. The digital currency is recovering from a fall in the market in late December / early January, which fell to $ 31,000. These titanic falls are not uncommon in the extremely volatile cryptocurrency market.
Bitcoin is a digital currency created by the “mining” of a blockchain, which rewards users who solve complex equations. While some liken it to the tulip craze and other speculative investments, it has attracted numerous investors and world-class financial institutions, especially in the past six months.
Only 21 million Bitcoins will exist in the complex system, making it a finite resource.
The Bitcoin boom is a tide that is raising other boats. Alternative currencies like Ethereum’s Ether (now at $ 1700) and Litecoin ($ 157) are also at record or close levels, boosting markets in general. Other currencies are also on the rise, becoming a bull market in early 2021.
Overall, a robust cryptocurrency market means good things for new entertainment companies, as investors who are full of extra cash as their cryptocurrency holdings increase are more likely to support innovative new companies.