Value of Bitcoins holds record all-time high

Friday, 01/03/2024, 17:51 (GMT+7)

On February 24, the value of Bitcoin rose by 42 percent and 20 percent.

Although Bitcoin has existed for quite some time, its current surge to unprecedented highs is remarkable.

Since its inception in 2009, Bitcoin has weathered various fluctuations in its value over the past 15 years.

In 2024, Bitcoin's value skyrocketed leaving several shocked

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Bitcoin's recent surge to unprecedented highs in 2024 is remarkable, considering its existence for a significant period. Image Credits: Getty

However, as of the beginning of 2024, Bitcoin's value has skyrocketed, reaching $60,000 for the first time since November 2021.

On Wednesday (February 28)), the price of one bitcoin soared to $60,650 following several consecutive days of significant increases.

Remarkably, this current value is approaching the all-time high of $67,707 recorded on November 9, 2021.

Reflecting on that time, the world was still grappling with the pandemic, leading many individuals to turn to cryptocurrency amidst the monotony of lockdowns.

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Bitcoin has experienced fluctuations in value over the past 15 years since its inception in 2009. Image Credits: Getty

Following a slump in late 2022, Bitcoin has experienced a notable resurgence in recent months, partially attributed to the introduction of new financial products in the US, such as exchange-traded funds (ETFs), allowing individuals to monitor Bitcoin's value without direct ownership.

Since the start of 2024, Bitcoin has surged by 42 percent, with a 20 percent increase since Saturday (February 24)).

Currently trading at around $59,270 in US currency, Bitcoin is only a few thousand dollars shy of its all-time high.

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In 2024, Bitcoin's value skyrocketed, leaving many people shocked. Image Credits: Getty

However, amidst the excitement surrounding Bitcoin's surge, it's worth noting that the supply of new Bitcoins entering the market is set to decrease permanently by 50 percent starting from April.

Approximately 900 Bitcoins are generated daily, a figure that will be halved to 450 in the coming months.

According to Simon Peters, a crypto analyst at financial services company eToro, the recent price surge may be attributed to a slowdown in Bitcoin purchases by spot ETFs compared to previous weeks.

Meanwhile, a story surfaces about a man who accidentally discarded a hard drive containing 8,000 Bitcoins back in 2013, now turning to AI in hopes of recovering his lost fortune.

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It reached $60,000 for the first time since November 202. Image Credits: Getty

James Howells from Newport, Wales, has spent the last decade in pursuit of locating his lost hard drive, resorting to AI technology for assistance.