Bitcoin’s Return

Bitcoin’s price has greatly increased in the market


Gracie Nowlan, Editor-in-Chief

Bitcoin, a trend of the past? Not quite anymore. This crypto-currency is making its comeback in the market, with prices heading to an all-time high.

Recently, Bitcoin’s return has caused its price to shoot up 10%, thus pushing the market cap above $1 trillion. As of five days ago, a major market rally has pushed Bitcoin’s price up by roughly 20% since the beginning of the week. This percent increase has taken Bitcoin within less than just $2,000 of its all-time high price on Wednesday. According to, “Bitcoin was trading above $56,000 [as of five days ago], having risen from around $47,00 since the weekend. Other cryptocurrencies have mirrored bitcoin’s market movements, including ethereum (ether), litecoin, and dogecoin. All three have risen in value by between 5 and 15 percent over the last week.”

So then, the question arises, why is Bitcoin gaining back all of this popularity in the market? It is quite simple really, its price appreciation can be linked to its now growing adoption as a payment method, increasing its usage and popularity. PayPal has announced that it would soon allow users and merchants to buy, sell, hold, as well as accept Bitcoin and other cryptocurrencies as a form of payment. Immediately after this statement came out, the price of Bitcoin shot up, and for good reason. Additionally, there has been a large influx of investors from larger scale institutions, including pension schemes, investment trusts, as well as university endowment funds.

This increase in Bitcoin will hopefully continue to stimulate the economy and move things along, making investors more involved and eager to get in with this price increase in the market. Overall, the news of PayPal’s acceptance of this cryptocurrency has given new use of Bitcoin, proving that maybe there is a more helpful usage of this form of currency than there once was before years ago.