Bitcoin is World’s number 1 in terms of the market capitalization of over $1 trillion and is one of the topmost-performing cryptocurrencies since the start of the trade. Since 2020, the trade prices for cryptocurrency have increased by over 300%. It is interesting to find that the token prices have tripled since the start of 2021 and are now over $60,000.The speculations and the estimations regarding Bitcoin’s future are optimistic, looking at the market trends. The market analysts and traders predict that the digital currency will cross $1,00,000 by the end of 2021.
Although the market speculations are in favor of cryptocurrency, there is no denying that the trade market is highly volatile and is constantly changing. There are many factors involved in the increase and decrease of prices for a token value. With the popularity of the online trade market in recent years, especially as the trusted cryptocurrencies like Bitcoin and Ether continue to gain popularity. However, the widespread implementation of cryptocurrencies is still in question as more and more countries across the globe are banning the trade of these tokens altogether.
Recently, Chinese Banking authorities and the government introduced a ban on cryptocurrency trades. Indian Banks are increasingly posing as a barrier to effective cryptocurrency trades as they are blocking the payment gateways related to all crypto transactions, regardless of no clear communication provided by the Supreme Court on this matter. There have been many reports of banks sending out notices to their customers regarding using their bank accounts to trade cryptic values. Also, warning them that if they continue to engage in cryptocurrency-related activities, their accounts will be blocked until the account holder visits the bank branch and clarifies their reasons and source of trade. These aspects are excessively limiting the trade practices in many places and are altering the growth of the digital currency market.
Once the total supply of Bitcoins is mined and there is no more room for adding bitcoin to the cryptocurrency market, the transaction values will go up many folds because of the nature of the blockchain network required to trade these digital currencies. The mining industry is flourishing these days due to the enormous incentives involved. 6.25 Bitcoins is set as the incentive amount in 2020, which is leading to more and more mining activities. Bitcoins are showing good progress in terms of adaptation and value, which is a promising sign for the future of the trade. Bitcoin is likely to be the most widely adopted cryptocurrency as more and more businesses start to implement major cryptocurrencies as a mode of payment for their services.