INSUBCONTINENT EXCLUSIVE:
Bitcoin is the most valued cryptocurrency in the worldBitcoin hit an all-time high price of over $66,000 last week
On October 21, 2021, the world's largest and oldest cryptocurrency opened trading at $67,139 (roughly Rs
The coin has notched up record after record since the start of this year, and has constantly been in the headlines
Bitcoin, which is by far the most valued cryptocurrency in the world, has been winning several investors during this time
It still leads the price charts when it comes to market cap value
Despite some strong competitors like Ethereum, Bitcoin continues to be a favourite among investors.Here are some reasons why investors
continue to rally behind Bitcoin:Top Valued Cryptocurrency: Bitcoin continues to be the top valued cryptocurrency out there
Although Ethereum stands only second to it, the price and market cap value between the two is huge
Bitcoin's price stands at around $59,000 (roughly Rs
44 lakhs) at the time of writing while Ethereum's is at $4,041.92 (roughly Rs 3.03 lakhs) The price often determines the gain of an investor
Hence, Bitcoin's higher price indicates that investors are pulled towards it more.Market Cap Value: Often, investors rely on the market cap
value to decide on their investments
A better market cap denotes a better presence of the crypto coin in the market
Bitcoin holds a top hand in this with over $1 trillion worth of market cap
This makes Bitcoin a tempting choice for investors.Celebrity Endorsement Of Digital Currencies: A major reason behind the rising popularity
of Bitcoin is the endorsement of digital currency by celebrities
In India, celebrities like Amitabh Bachchan and Salman Khan have already embraced the blockchain technology that underlies many
Celebrities have also started taking an active interest in non-fungible tokens (NFTs) carrying their unique digital signatures
All this has led to the rising popularity of cryptocurrency as a whole and Bitcoin in particular.Scarcity Factor: Bitcoin's rising price
also boosts the confidence of investors who see a strong disrupter that can affect the centralised economic structure
There's also the scarcity factor that adds to Bitcoin's traction among investors
There are only over 18 million Bitcoins available today
The total number of Bitcoins to be ever produced is capped at 21 million
This limitation on the number increases Bitcoin's price as popularity increases
This also pulls investors to rally behind Bitcoin.
