The value of Bitcoin has risen to over $51,000 per token, a notable landmark in the cryptocurrency’s long struggle to recover.
The total amount of Bitcoin in circulation is now worth over $1 trillion for the first time since 2021, with individual tokens worth approximately $51,700 at midday on Wednesday.
“Bitcoin has broken through the $50,000 barrier and will test $52,000 despite a [Consumer Price Index] release yesterday that has all but killed the chances of a FED rate cut,” Christopher Alexander, chief analytics officer of Pioneer Development Group, told FOX Business.
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The steady climb is a relief to cryptocurrency investors who held on to their assets after its tremendous collapse in value in the past few years.
Bitcoin, the original cryptocurrency that is often used as a measuring stick for all other tokens, hit a peak value of $68,982.20 in November 2021.
It saw a sharp decline until the beginning of 2022, when it…
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