Bitcoin bounces to $20,000 levels;  Increased levels of ether, Solano and Doge

Bitcoin bounces to $20,000 levels; Increased levels of ether, Solano and Doge

Photo : iStock

Bitcoin on Saturday topped $21,000 for the first time in nearly two months. Bitcoin, the most popular cryptocurrency token, rose as much as 7.5% to $21,299 on Saturday, adding more than $922 from its previous close. The token last traded above $20,000 levels on Nov. 8.

Since January 1, 2023, the digital token is up 26.4% over January 1 levels of $116,496.

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

Other tokens like Ethereum, Solana, and Dogecoin hoping that the cryptocurrency markets have bottomed out and inflation has peaked.

According to CoinGecko, the overall market capitalization of the cryptocurrency rebounded to $1 trillion levels on Saturday after falling steadily since November 2022.

bitcoin chart (in MXN)

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 a 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 approximately 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 a 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.