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Bitcoin smashes $21,000 ceiling; experts weigh in on the development

This milestone comes as investors anticipate that the digital asset may have reached a low point and as concerns about inflation continue to drive interest in it.

January 14, 2023 / 03:16 PM IST
(Representative image)

(Representative image)

After months of stagnation, fuelled by the collapse of several large cryptocurrency firms, including the recent collapse of FTX, Bitcoin, the world's largest cryptocurrency by market capitalisation, has broken above the psychologically important mark of $21,000, bringing renewed optimism among investors.

This milestone comes as investors anticipate that the digital asset may have reached a low point and as concerns about inflation continue to drive interest in it.

This marks the first time the digital asset has surpassed $20,000 since November 8 and the 11th consecutive day of rise.

Other major cryptocurrencies such as Ether and Cardano also saw significant gains, with the overall market capitalisation of the crypto market surpassing $1 trillion for the first time since November.