Bitcoin reached the top price this year and again it touches its ground. On Monday evening, it reached $48, 234 which is the highest since Dec 31. Cryptocurrency faced a high loss after Russia started its invasion of Ukraine.

Highlights

Bitcoin hit $48, 234 on Monday evening
It’s the highest since December 31
Bitcoin showed a rise of 12% this week

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Bitcoin held ground on Tuesday, just below what it was in during the highest of this year. After Russia attacked Ukraine, since then it topped about 27%. The surge in Bitcoin also helped it to surge in some smaller cryptocurrencies like ether, known as the second-biggest cryptocurrency has hit $3,436 on Monday evening.

Crypto market players said about the surge in crypto gives clear signs about the adoption of cryptocurrency by institutional investors and financial firms, the interest of such firms and people rise the acceleration of the journey of cryptocurrency to mainstream asset from a niche technology.

Last week alone, Bitcoin showed about a 12% of rising. When many people predicted the great loss in crypto during the ongoing Russia-Ukraine War, BlackRock’s Chief Executive said that the Russia-Ukraine war could end up accelerating digital currencies as a tool to settle transactions.

A US-based crypto firm Genesis, head of market insights said about such a move signals a “growing conviction that the crypto markets are worth dedicating more resources to,” stated Noelle Acheson.

Bitcoin hit an all-time high of $69,000 last year in November 2021.

Also Read: Indian Government Has No Plans to Introduce a Cryptocurrency: Government to Rajya Sabha