Bitcoin is the most volatile, traded and invested cryptocurrency that crossed its previous high of $65,000 per coin on Wednesday. Also, the first Bitcoin futures exchange-traded fund (ETF) was launched at the New York Stock Exchange, which could be one reason that the digital currency has become an all-time high. At the time of writing this article, Bitcoin is trading at $65,435 (approximately Rs 48,96,370). As per a report, the Bitcoin market cap has touched $2.5 trillion amid its rising adoption globally, especially in India. Are Cryptocurrencies Legal in India? Here’s How You Can Buy & Sell Bitcoin, Ethereum & Dogecoin.Bitcoin
As per Nigel Green, CEO and Founder of deVere Group, Bitcoin has become a mainstream asset class and most investors should consider including crypto assets as part of their portfolio. Bitcoin creating an all-time high indicates wider acceptance of crypto assets across the globe.
— Bitcoin (@Bitcoin) October 20, 2021
This brings us to our question - Could it reach the $100K mark? Well, Bitcoin is continuously taking out its previous high since July last year and has never looked back, making it more valuable, precious than ever. Also, market experts have predicted that Bitcoin could touch the $1,00,000 mark by the end of this year. But no one knows the answer until it gets there. Financial markets should not be predicted. Traders, investors should react according to the price.
So is this the right time to invest in Bitcoin? Well, the answer is yes, only if you are a long term investor. As mentioned above, Bitcoin could reach the $100k mark by the end of 2021. If you are an intraday trader, a scalper or a swing trader and know how to trade, then you might want to look at the Bitcoin chart, and as per your understanding, you can buy or sell it via your registered broker.
(The above story first appeared on LatestLY on Oct 21, 2021 05:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).