Published on: 30 June 2023
The rise and fall of Bitcoin’s value is thanks to the FTX crash, high-profile companies investing in the cryptocurrency, and other key events. What was the prior value of Bitcoin? What was its highest value ever? What is the future of Bitcoin value in 2024? Let’s find out!
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What is the Current Value of Bitcoin?
At the time of writing this article on Wednesday, July 12, 2023, the current value of Bitcoin is $30,683.60, which is a $57.10 hike from the previous day’s value. During just the past month, Bitcoin has experienced a remarkable 18.45% increase, which upped its value by another $4,778.70.
In the past year, it has risen by $11,382.10, which is a 58.97% increase. Within the past five years, the value has increased by 314.2%, which is $23,275.60 from its value at that time.
What Was the Highest Value That Bitcoin Ever Reached?
Bitcoin’s (BTC) value has not topped its original record of $64,400 that the world saw in November 2021. Unfortunately, a year after its record-breaking performance, the FTX crashed in November 2022 over a week and a half period that sent the Bitcoin value to a major downfall of as low as $20,000 in value.
The reason? Sam Bankman-Fried, FTX’s founder, was indicted for not distributing customers’ money accordingly to support the exchange. Before his criminal downfall, he was one of the richest, most prolific icons in the American cryptocurrency industry.
The popular crypto’s value was seen as low as $17,000 once the investigation uncovered more about Bankman-Fried’s crimes. Despite this downfall, Bitcoin is now on its road to recovery.
Why Is Bitcoin Value Increasing So Rapidly?
Various reasons are helping Bitcoin’s value to increase rapidly. The launch of EDX markets and how Bitcoin is rising in prominence nationally and internationally are just a couple of the key reasons for its major spike since its downfall in November 2021.
The Launch of EDX Markets
EDX Markets is a crypto exchange that just originated in the cryptocurrency industry in June 2023. The tight security of its digital asset platform combined with a successful investment received from various equity partners, such as Fidelity Digital Investments and Citadel Services, has helped the Bitcoin value to skyrocket over the past month.
Known as a non-custodial cryptocurrency exchange, EDX Markets will help clients to trade crypto with one another. However, they will not help clients store their money in custodial accounts. By instead partnering with companies offering custodial accounts, EDX Markets can focus on the overall security of cryptocurrency trading rather than the cumbersome routine that comes with storing clients’ funds.
Bitcoin Increasing In Prominence Nationally and Internationally
One company called BlackRock, the globe’s most popular manager for digital assets, will soon have an ETF of Bitcoin. Germany’s Deutsche Bank stated recently that they will start implementing custodial accounts for cryptocurrency investors to vary their service portfolio.
Bitcoin Value Projection for 2024
In a perfect world, Bitcoin’s value could rise to $120,000 by the end of 2024 as per the prediction that Standard Chartered proclaimed a couple of days ago. They also state that Bitcoin may end at about $50,000 in value by December 31, 2023.
However, we do not know everything about the implementation of new Bitcoin ETFs or how the new EDX Markets will perform a year into its launch. AMBCrypto’s projection of the highest crypto value being about $40,136.89 by December 2024 seems more manageable.