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Bitcoin nears $39,000 in Largest Single Daily Gain in 6 Weeks

FinTech

Bitcoin nears $39,000 in Largest Single Daily Gain in 6 Weeks

Bitcoin briefly traded above $39,000 for the first time since June 16 and is currently trading its sixth consecutive day in the green.

Prices have continued to rally since July 21 with Sunday’s current price rise representing the largest single daily gain in over six weeks. The world’s oldest crypto is changing hands for around $38,250, having cooled slightly after hitting a monthly high of around $39,850.

Bitcoin currently has a market cap of around $736 billion. That’s far greater than Ethereum’s $277 billion market cap, which is the second-largest cryptocurrency by market cap.

If you invested in bitcoin last July, it would have grown 252% over the past 12 months. A $1,000 bitcoin purchase on July 26, 2020 — at a price of $10,990.87 per coin — would be worth $3,525.65 at Monday morning’s price of $38,750, according to Techunzipped calculations.

If you zoom out further, the growth curve is even steeper. On July 26, 2016, $1,000 would have bought you 1.52 bitcoin at a price of $656.17 per coin. Today, that investment would be worth $58,900, representing growth of 5,805%.

Going back 10 years, bitcoin’s percent growth is six figures. In July 2011, two years after it was created, one coin cost $13.91. Back then, $1,000 would have bought you 71.89 bitcoin, which would be worth $2,785,737.50 today. That figure represents growth of 278,476.56%.

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

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