Bitcoin rebounds to USD 20,000 levels; Ether, Solana, Dogecoin witness spike

Bitcoin rebounds to USD 20,000 levels; Ether, Solano, Doge levels spike

Photo : iStock

Bitcoin on Saturday rose above USD 21,000 for the first time in almost two months. Bitcoin, the most popular cryptocurrency token rose as much as 7.5% to USD 21,299 on Saturday, adding over USD 922 from its previous close. The token last traded above USD 20,000 levels on November 8.

Since January 1, 2023, the digital token has risen 26.4% on January 1 levels of USD 116,496.

Ether, another digital token synonymous with cryptocurrency spiked 5.91% to USD 1,536.90 on Saturday.

Other tokens such as Ethereum, Solana, and Dogecoin on hope that cryptocurrency markets may have bottomed out and inflation may have peaked.

According to CoinGecko, the overall market capitalisation of cryptocurrency rebounded to USD 1 trillion levels on Saturday after dipping consistently since November 2022.

Bitcoin chart (in INR)

Bitcoin chart
Bitcoin chart

Photo : ET Now Digital

Bitcoin is a decentralized digital currency that is based on blockchain technology. It was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto.

The currency is designed to be a decentralized alternative to traditional fiat currency, with transactions recorded on a public ledger called the blockchain. One of the key features of Bitcoin is its scarcity. There is a finite supply of 21 million bitcoins that can be mined, with roughly 18.7 million currently in circulation. This scarcity, combined with the growing acceptance of Bitcoin as a means of payment, has led to its value increasing significantly over the years.

Another important aspect of Bitcoin is its decentralization. Unlike traditional currencies, which are controlled by governments or central banks, Bitcoin is not controlled by any single entity. Instead, it is maintained by a network of users and miners who work together to validate transactions and keep the blockchain secure. This decentralization is what makes Bitcoin resistant to censorship and manipulation.


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