Bitcoin’s (BTC) value soared past the RM450,000 marker today, up from its RM434,255, which was at its lowest point today. The cryptocoin’s rally began in the early hours of this morning and marks the first time that the coin hit a value of US$100,000 (~RM442,929).
The rise in Bitcoin’s value has been steadily growing since September this year when one unit of the cryptocurrency was worth RM233,095. In November, the coin’s value began a rapid and exponential rally in its value, going from RM296,327 at the time to it current average value of RM455,000.
With the value of Bitcoin increasing, it is only a matter of time before all other alt coins tied to it, such as Ethereum (ETH) begin to appreciate in their values. At the time of writing, one ETH is currently worth an average of RM17,000.
The surge in Bitcoin’s value has primarily been attributed to US President-elect’s decision to nominate Paul Atkins, a former commissioner at the country’s Securities and Exchange Commission (SEC), back into power but this time, as the chairman. He replaces Gary Gensler, a man who likened the cryptocurrency market to the “Wild West” era.
