Bitcoin’s price has once again created history. A single Bitcoin was for $54,000 (INR 39,00,000) last night. Its Market value is now above $1 Trillion, meaning, it has crossed many companies who have been trying to reach this milestone forever. Some companies who have market capitalization above $1 Trillion are Apple, Facebook, Amazon, Microsoft and Alphabet.
With its rise, Altcoins are also rushing to the top. What are altcoins? Anything that came after the success of Bitcoin, think of them as the alternate of Bitcoin. They all promise something new and exciting. One of the most successful altcoin is Ethereum.
Is it a bubble? Why is it racing so fast to the top?
The answer lies in the fact that Wall Street bulls have now started taking it very seriously. Private firms are investing heavily in Bitcoin. When Tesla invested $1.5 Billion in Bitcoin few weeks back, the price went its all time high. Bill Gates who once said, NO to Bitcoin have now changed his stance to NEUTRAL. The day Bill Gates publicly confirms that he bought Bitcoin, we are sure the market is going to get crazy. Another company, PayPal, in November 2020 opened up its Cryptocurrency platform to US customers, sharply driving the Bitcoin price to the top.
Amongst all this, Indian Government is planning to ban cryptocurrency. Read our article Why Should Indians Worry on Cryptocurrency Ban.
The Cryptocurrency market is very volatile. Today Bitcoin’s price may be $54,000, tomorrow it might go down to $40,000 and the day after it may go up to $60,000. You may loose your money on the market if you don’t know how to trade. You will have to be very alert with the news and how they affect the market. But you can always be a holder. A holder is someone who buys Cryptocurrency and doesn’t sell it. The traders on the other hand buy and sell every hour. A lot of research is required if you want to get into the trading market. But what if you don’t have time for that?
Welcome Pi Network
Another promising Altcoin which is making some noise on the market is Pi. The Pi Network is the brain child of Stanford University PHDs Dr. Nicolas Kokkalis, Dr. Chengdiao Fan. The Pi Network is for everyday people. You can download the Pi Network App from your AppStore or PlayStore. They are still in the development phase and you can mine the coin on your phone.
Pi aims to allow everyday people from all walks of life to contribute to the security of the cryptocurrency and the success of its community. Its has an invite only access. Once you download the app on your phone, you would need to put in an invite code. You can use my invite code Mboruah. Check out the below video on Pi Network.