Bitcoin jumps to a new record high of nearly $ 20,000

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After a powerful correction in the previous week, the oldest cryptocurrency cracked the old record high from 2017 yesterday afternoon.

The digital currency Bitcoin is more valuable than ever. On Monday, the price of the oldest and best-known cryptocurrency on the Bitstamp trading platform rose to $ 19,808 (16,615 euros). This surpassed the three-year-old record high from the end of 2017. At that time, Bitstamp hit a high of $ 19,666. On other platforms, of which there are numerous, the respective record levels differ somewhat.

Bitcoin has grown in value in the past few weeks.
Since the beginning of October alone, its value has almost doubled. As
The main driving force is the project of the large payment service PayPal,
its customers will be able to pay with Bitcoin and others in the future
Enable cryptocurrencies. On top of that, increasingly
professional investors to develop interest in the Bitcoin
seem to be. A few months ago about the big one
Asset manager Fidelity launched a Bitcoin fund.

“The moment for Bitcoin has come,” said Guy Hirsch, Managing Director of the USA on the eToro trading platform, yesterday to the Bloomberg agency: “This rally could well go on.”

In general, the circumstances of 2020 proved fertile ground for the comeback of Bitcoin. Above all the global central banks. They drove loan rates to record lows and provided exceptional impetus for the cryptocurrency due to the Covid 19 pandemic. Since the pandemic also led to great uncertainty in the capital markets, Bitcoin has to a certain extent also served as a safe haven – similar to gold – and as protection against inflation.

Strongly prone to fluctuations

However, digital currencies such as Bitcoin are considered to be in price
highly prone to fluctuations. The best example is the record hunt
which Bitcoin had driven to nearly $ 20,000 in late 2017. Back then
A short time later, the course fell sharply. Even before
In the recent record jump, Bitcoin was meanwhile strong
like. Critics saw their skeptical attitude as a result
compared to digital currencies confirms that the high
Price fluctuations for use as a means of payment or investment
stand in the way.

However, many Bitcoin fans believe that
Digital currencies are increasingly becoming a serious alternative to
conventional currencies could prevail. One reason is that
high general interest in cryptocurrencies, not least of all
through digital money efforts of major central banks like the
European Central Bank (ECB). Against a
On the other hand, the rate development could stabilize again
rocket rise speak: Bitcoin was still in March
was only worth $ 4,000.

(Reuters/Bloomberg/red.)



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