Obinna Ezugwu

Bitcoin is witnessing massive rally amid buying pressures prevailing in the crypto currency market, rising above $22,000 for the first time.

At the moment, Bitcoin is trading at $22,100 or equivalent of N10.56 million with a daily trading volume of $49.3 Billion. It has been up 14% in the last 24 hours.

The most valuable crypto by market value has a market value of $407 billion.

Bitcoin has more than tripled since March, with the rally accelerating on Wednesday after breaching $20,500 earlier for the first time.

Bitcoin price

As the fastest ever-changing financial asset continues to gain traction at the speed of light, renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.

“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”

“You should also remember that in 2013, Bitcoin was trading barely at a price of about a thousand dollars. It corrected about 80% and consolidated in 2017, and after initially reaching $1,000, it added a zero.”