Taking A Look At Bitcoin’s Run in 2024 So Far

2024 has been the best year for Bitcoin. This cryptocurrency managed to achieve numerous milestones and reach record-breaking values. Although man expected it to break the 2017 record in value, nobody knew that Bitcoin can rise as high as it is now.

With that being said, we wanted to take a look at some of the biggest Bitcoin highlights in the first half of 2024. Thanks to these events, the number of Bitcoin traders has increased massively and every day, thousands of new people join the network.

January – The Record-Breaking Value

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When Bitcoin broke the record in mid-December of 2024, everyone thought that its price would plunge. But, January was the month in which all of us saw that Bitcoin is stable, even though it crossed $20,000 for the first time in its history. And if that is not enough, January was the month in which Bitcoin’s value was rising dramatically and it crossed the $30,000 mark.

February – Tesla’s Investment

The trend continued in February as Bitcoin passed the $40,000 mark. But, even though this month recorded a massive rise in value, that was not the biggest highlight. The biggest highlight of this month was the Tesla investment.

In mid-February, Tesla announced that they have invested $1.5 billion in Bitcoin and that at the time, they were thinking of accepting it as a payment method. This investment caused a massive stir in Bitcoin’s network and this cryptocurrency managed to rise from $47,000 to over $50,000 in just a few days.

The sudden rise attracted thousands of new traders. They joined the network and started trading at reputable trading sites such as BitcoinChampion with one goal in mind – make a profit. This trading site even provided them with extra services that made it easier for traders to maximize their revenue.

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March – Bitcoin Keeps Growing

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After Bitcoin topped $50,000 and had a massive surge in the number of registered traders, experts thought that the same scenario from 2017 will occur. Just a reminder, when Bitcoin crossed $19,000 in 2017 and broke the record, the market was overflowing with traders, which is why the cryptocurrency plunged and spent the next 2 years trying to stabilize itself.

But, that did not happen in March. Many companies from around the world followed Tesla’s footsteps and invested in Bitcoin, thus bringing stability to the network. The greater the stability of Bitcoin is, the greater its value will be, which is why Bitcoin continued to rise in March.

April – Bitcoin Reaches All-Time High

The growth trend reached its peak in May when Bitcoin reached an all-time high of $63,000, which is quite a mesmerizing value. After reaching its peak, Bitcoin dropped in value but maintained its stability to an extent as it was fluctuating between $50,000 and $60,000.

May – Drop In Value

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May was the month in which Bitcoin started dropping in value. After all, this cryptocurrency has a high volatility rate, meaning that not only can its price go up, but it can also go down daily. At the end of May, the price for one Bitcoin was around $35,000.

End of 2024 Projections

Even though Bitcoin experienced a rather big drop in value, that does not concern experts and traders because they think of this as the perfect time to invest in Bitcoin. Why? Because indicators, with the biggest one being the halving event in May 2024, suggest that Bitcoin will be on the rise again and it is extremely likely to reach $100,000 by the end of 2024.

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Just a reminder, history showed us that one and a half years after halving events end, Bitcoin reaches its peak. Since the last one was in May 2024, experts think that Bitcoin’s peak will be reached in Q4 of 2024.

Bonus: Why Should You Be Using Bitcoin in 2024?

As you see, Bitcoin, like any other cryptocurrency, is unpredictable and it experiences many ups and downs on a daily basis. Of course, this is a normal thing in the business world, and most professional investors were not surprised by the drop in value that BTC experienced last month. The question that many beginners probably have now is – why should I use Bitcoin in 2024? Well, we are sure you would be more than happy to hear all the benefits of paying with Bitcoin. That will encourage your to invest for sure. Let’s go!

Main Benefit Is Transparency

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Money transactions that we got used to are often not meeting the requirements and expectations of people. They all function thanks to a centralized system that makes them slow and sometimes even unreliable.

That type of problem does not exist with Bitcoin. The decentralized system ensures that people can track the transaction during the entire day. They can easily confirm they are quick and completely safe. We are sure these two features are important to every person that transfers money for different purposes daily.

However, not everything around Bitcoin is transparent, and that is a great thing! It protects the identity of the participants and keeps the anonymity high. All the details of a transaction are only visible to the sender and receiver.

Additional and Hidden Fees Don’t Exist

Speaking of traditional money transactions, you will always have to deal with some additional costs. In some cases, you won’t even know they exist. However, when the banks and other financial institutions do not participate in the transaction process, then you can be sure this type of costs does not exist.

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All the fees you got used to do not exist. You won’t have to deal with additional withdrawal costs, annual charges, and other stuff. That is the reason why more and more people are deciding on this type of trading.

Everyone Can Use It

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Whenever you need to pay for something with traditional money, you will need to have a credit card or simply a certain amount of money in your wallet/pockets. However, when you are working with cryptocurrencies like Bitcoin, that type of problem does not exist.

The entire process does not require a lot of maintenance at all. With a couple of clicks on your mobile, you will easily complete all types of transactions and for different purposes. Imagine how helpful that can be when you are in a hurry. You don’t have to go to the ATM or wait in a line in a bank. All you have to do is to connect to Wi-Fi, login to your account, and complete the transaction from the comfort of your room.

Final Thought

As mentioned, Bitcoin price is currently dropping, but that doesn’t mean we should all give up on cryptocurrencies. Indeed, you have probably read millions of articles about this topic, but that doesn’t mean people in all parts of the world will quickly accept it. However, for 5 or 10 years, it may happen that the prices of all cryptos including Bitcoin jump even more and remain stable. Improve your knowledge, analyze the price changes actively, and you will manage to predict certain things.