Bitcoin broke past the RM300,000 threshold recently, marking another milestone for the cryptocurrency. The coin rallied fast earlier on Sunday, when its average value was still hovering just above the RM295,000 market.
That value also served as the 2nd highest value for Bitcoin at the time. The last time the coin’s value was anywhere near that level was during the cryptocurrency’s second rally back in 2018, when it peaked at close to RM285,000, which was then followed by a steady decline in value.
The rally to RM300,000 is a far cry from what occurred back in 2022, when the value of Bitcoin plunged by more than 25% overnight, going from its then-peak average value of RM131,000 down to RM95,000. Prior to that, its value held its ground at the RM85,000 mark for several years, before gradually rallying again due to the continuing cryptomining boom.
Meanwhile, other cryptocurrencies seem to have been holding strong, with Ethereum still holding its own at the RM16,000 average.
(Source: Google, Luno)
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