Bitcoin’s value has risen past the RM40000 for the first time since last year. The digital currency, which is currently sitting above the RM44000 mark, is the highest it’s been since its peak in 2017.
The value of Bitcoin also seems to be on a continuing upward trend; the cryptocurrency first showed signs of a return some months ago. After stagnating between the RM15000 and RM20000 margin for more than a year.
As always, it’s difficult to determine what factors exactly brought about the resurgence in Bitcoin’s price in that period. One contributing factor is said to be Facebook’s announcement of its own cryptocurrency, Libra. However, Libra will be a stablecoin – a kind of digital currency that is pegged to a list of government-issued currencies, unlike Bitcoin. Which is unpegged and volatile.
The new cryptocurrency boom isn’t just bringing up the value of Bitcoin. In clear correlation, the value of other digital currencies are also on the rise. Including Ethereum, Litecoin, and Bitcoin Cash, with the first currently sitting on a value of approximately RM1265 and climbing.
As a recap, Bitcoin’s value peaked at value of RM80000 back in 2017. The cryptocurrency boom led to a mass interest in cryptomining that led to a shortage of GPUs and price hikes for the component by unscrupulous resellers.