The Bitcoin market reached an all-time high on Wednesday, following weeks of steady climb. Having reached this peak, it is now beginning to drop again.
In spite of this drop, the cryptocurrency is still doing exceptionally well. It is up 50% of its value from the start of October. This puts it ahead of some of the biggest tech giants in operation at the moment, such as Facebook and Tesla.
In April, the cryptocurrency broke a record as it reached a value of $64,800. It has continued to climb ever since, and eventually reached a peak of $66,000 on Thursday morning.
This climb comes in spite of a major crash in July. Tesla CEO Elon Musk made comments regarding the cryptocurrency which helped to lead to fluctuations in the market. The price of Bitcoin then crashed to $30,000. The recovery we have seen in the months since then has been nothing short of remarkable.
Though the market has dipped for now, many experts believe that it could rise again. Some have predicted that we will see it climb above $100,000 before the end of 2021 arrives. However, there are others who have warned that it could bring about another major crash.
Other cryptocurrencies have followed the trends that the Bitcoin market has so far set. This has included Ethereum and Solana increasing in value by 10% in as little as 24 hours. On top of this, the market cap for cryptocurrencies has risen past its previous high, settling at an eye-watering level of $2.6 trillion.
If affiliates are interested in what cryptocurrencies could offer them, this would be a good time to take a look at how the markets can move.