This season, Bitcoin is red hot and its almost hitting $30000, the cryptocurrency was flat earlier this month, but right now, it is holding up real fast.
The value of Bitcoin currently hit an all-time high of nearly $28,000 a few days ago, compared to 3 years ago where it hit $20,000 in December 2017. If you invested $1,000 seven years ago, you would have made a profit.
When I mean a profit, I mean you would have made at least $26,000 profit. In 2013, the value of one Bitcoin hit highs of around $1,000 and lows below $600 during the December period. A Bitcoin purchased at $1,000 would be worth about $27,000 now or over twenty times as much.
This estimate does not include any additional fees or transaction costs.
If you bought Bitcoin at its high near $20,000, $15,000, or even at $10,000, though, you would still have made a profit if you are patient enough.
Bitcoin has been in a strong uptrend since bottoming in March. Ultimately the 200-week moving average wavered as support but held up well under duress.
From there, we had a breakout over $10,000, and then bitcoin held that level as support. For a bullish trader, that is an excellent development in price action.
Whatever it is, Bitcoin has been exploding higher, and I would love to see the cryptocurrency catch its breath and make a run toward $30,000.
If you know nothing about bitcoin, you can begin your journey here.
Let us know what you think in the comment.