It’s not just bitcoin. A number of cryptocurrencies are posting even gaudier numbers than the progenitor of digital money.
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Facebook-backed cryptocurrency libra has been rebranded “diem” in a renewed effort to gain regulatory approval by stressing the project’s independence.
Bitcoin’s recovery from a rout last week is stoking speculation that the cryptocurrency can breach $20 000 for the first time.
Bitcoin climbed to a record, taking less than three years to replicate the euphoric ascent that catapulted the cryptocurrency into the mainstream consciousness.
Facebook’s libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project.
Bitcoin and other digital coins steadied on Friday after posting some of the biggest declines since the onset of the pandemic, a selloff that stoked fresh questions about this year’s boom in cryptocurrencies.
Bitcoin plunged on Thursday, slamming the brakes on a blistering rally and sparking a sell-off among smaller digital coins. Bitcoin slumped as much as 13% to its lowest since 16 November.
Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100 000 in a year.
Digital currencies ethereum and XRP soared on Monday, gaining momentum as bitcoin powered on towards its all-time high.
Bitcoin mania is back and with it the return of sky-high predictions from celebrity crypto fund managers to Wall Street stalwarts of where it can go next.