Bitcoin market could hit $1 trillion this year with bitcoin surging to $50,000

Cryptocurrencies may go on a bull run in excess of a year ago and pass the trillion-dollar mark when it comes to value, experts told CNBC, after a recent violent sell-off across digital coins.

Bitcoin has witnessed a huge fall in recent days, dropping below $6,000 the first time since mid-November. On Wednesday, it was trading across the $7,000 level because the cryptocurrency market stabilized.

At its lowest point , the total cryptocurrency market saw over $550 billion wiped off its value. But industry insiders see another rally ahead.

The Bitcoin market is worldwide as well as the citizens of China and Japan have been particularly active in their purchase along with other Japan. However, recently in Bitcoin news the Chinese government has tried to suppress its activity in that country. That action drove the price of Bitcoin down to get a short period of time but it soon surged back and is now all-around its previous value.

The Bitcoin history chart is quite interesting. Its creator was an anonymous gang of brilliant mathematicians (while using the pseudonym Satoski Nakamoto) who designed it in 2008 to be “virtual gold” and released the very first Bitcoin software during the early 2009 through the height of the USA economic crisis. They knew that to own lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million Bitcoin.

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