Cryptocurrency is a form of virtual or digital currency, and Bitcoin has long been one of the leading cryptocurrencies in the market. In the past few weeks, other cryptocurrencies like Dogecoin and SafeMoon have seen increased interest while the price of Bitcoin has fallen.
How much is bitcoin worth?
According to CoinDesk, the price of Bitcoin on Thursday morning (BST) was $ 53,958.66, or £ 38,746.58, a percentage change of -3.16 percent over a 24-hour period.
Bitcoin had a market capitalization of $ 1.01 trillion and £ 724.09 billion.
Anyone looking to invest in Bitcoin should be aware that investing can go up and down and understand the risks involved.
People should also be aware that cryptocurrencies are largely unregulated.
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The global chief investment officer of one of the world’s largest investment firms said a major correction for Bitcoin is likely this week.
Scott Minerd, Chairman of Guggenheim Investments and a member of the New York Federal Reserve Bank’s Investor Advisory Committee on Financial Markets, told CNBC’s Worldwide Exchange, “Given Bitcoin’s massive near-term development, things are very frothy and I think we need a bigger one Make correction in Bitcoin.
“I think we could go back to $ 20,000-30,000 on Bitcoin, which is a 50 percent drop, but the interesting thing about Bitcoin is that we’ve seen these kinds of drops before.”
However, Mr Minerd added that the correction would be incorporated into the “normal development of a longer-term bull market,” suggesting that the price of Bitcoin is heading towards $ 400,000- $ 600,000.
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Another digital currency that has gained momentum recently is SafeMoon.
SafeMoon is actually a DeFi token (decentralized financial token) and not a cryptocurrency.
According to CoinMarketCap, SafeMoon was priced at $ 0.00000528 on Thursday morning.