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Bitcoin made a big comeback in early 2024. Will it hit $100,000?
Illustration: George (Getty Images)
In the first half of 2024, the most volatile asset class, cryptocurrency, has experienced a comeback story after having passed through its moment of maximum vulnerability.
In January 2023, Bitcoin was hovering around $16,000. A year later it skyrocketed to $40,000. Bitcoin peaked at $73,000 last March and is now trading around $61,000.
The impressive trajectory, rising from the ashes and soaring to new heights, has led to a significant transformation in the image and perception of cryptocurrency. The paradigm shift is due to the market, the criminal convictions of corrupt cryptocurrency billionaires, and its new relevance in politics.
Let’s take a moment to reflect on the progress cryptocurrencies have made this year and what might happen in the future.