(In the February 20 message, an unnecessary word was removed in the second sentence.)
The Bitcoin rate rose to around $ 57,500 at noon before it crumbled a little. Most recently, the best-known and most important cryptocurrency on the Bitstamp trading platform cost a little less at $ 56,800, but was still above Friday’s level. At the end of the week, Bitcoin was worth more than $ 55,000 for the first time, cracking the $ 1 trillion mark in terms of total market capitalization.
As a result of the soaring that has lasted for weeks and months, the rates of many other digital currencies such as Ethereum, Binance Coin or Polkadot are also increasing. For this reason, the share of Bitcoin in the overall market for cryptocurrencies has recently decreased somewhat despite the massive price gains. According to a list on the www.coinmarketcap.com site, it was recently only a little more than 60 percent, after having been a little over 70 percent some time ago.
The n in early January it passed the $ 30,000 and $ 40,000 mark within a few days. After a consolidation phase until the beginning of February, things have been steadily improving again since then. Last week, Bitcoin was worth more than $ 50,000 for the first time.
The dazzling multibillionaire and Tesla boss Elon Musk once again provided a boost on Friday. He wrote on Twitter why cryptocurrencies were preferable to traditional currencies from his point of view. If conventional currencies were subject to negative real interest rates, only a fool would not look elsewhere, wrote Musk. He was describing the loss that many investors currently have to accept in view of extremely low interest rates and taking inflation into account.
The Tesla boss is an avowed cryptocurrency fan and speaks lively on the subject, mostly through the news service Twitter. It was recently announced that the electric car manufacturer Tesla had invested billions in Bitcoin and wanted to accept the Internet currency as a payment method in the future. That gave Bitcoin an extra boost.
According to the assessment of the cryptocurrency expert Timo Emden from Emden Research, there are currently many reasons for the bull market in digital currencies. “Not only Musk should play a decisive role,” he wrote in a market assessment on Saturday. Musk continues to enjoy helping fuel the rally. But this is also driven by investors’ fear of missing out on something. “Private investors in particular are likely to have jumped blindly into the market in the past few hours.”
The climbing game seems to get out of hand again./zb/nas