Bitcoin increases by 2% this Monday, to record high from $ 19,735, thus accumulating a strong increase of 8% on three wheels, given that the virtual currency also trades around the clock on Saturday and Sunday.
cryptocurrency has risen by more than 170% this yearto exceed the record high of $ 19,666 from December 2017. Its promotion has been fueled by demand for riskier assets, interest in inflation-perceived assets, and expectations that cryptocurrencies will gain widespread acceptance.
12 years of life Bitcoin prices were full of rapid growth and no less sharp collapses. It has significant volatility and its markets are much less transparent than traditional assets.
Bitcoin-led cryptocurrencies have almost tripled in eleven months to 2020
“Earlier this year, the price of bitcoin followed a general market movement, strongly correlating with gold and US stocks. Now, The main factor seems to be the replenishment of new institutional investors in the marketlike Microstrategy, Square, the recognition of such big investors as Paul Tudor Jones and Stanley Drakenmiller, who have publicly stated that they have an investment in bitcoin. This is followed by Paypal’s decision to allow its customers to have cryptocurrencies within its platform, “he said. Eduardo Arenas, Bitso Alpha Expert.
Traders stressed the restoration of the “crypto” logo after the reversal recorded last week, in positions with high credit potential, built as the bitcoin record approached, amid concerns about rumors of expanded regulation.
“There has been euphoria in the markets over the last couple of days (…), which seems to be mainly a reaction to this: surplus markets that have been little affected and have suffered too much,” he explained Reuters Joseph Edwards, crypto-brokerage company Enigma Securities.
This Monday, bitcoin traded near a record $ 19,700
The volatility of last week, when bitcoin traded below $ 17,000, was due to concerns about the possibility stricter US cryptocurrency rulesas well as making a profit.
Skeptics claim this the famous instability of cryptocurrency portends a repeat of what happened three years ago, when a the bubble burst sharply. Some see signs that retail investors are concentrating on gaining momentum and making quick money.
“It is also unusual to see a short-term decline after periods of significant progress. and is accelerating as traders seek to make a profit before going back when volatility subsides, ”Rabaglia added. “Once the dust settles, we will return to normal, with everyone medium- and long-term bullish indicators there ”.
Proponents of digital assets say the current focus on cryptocurrencies is different from three years ago, due to the growing institutional interest of, for example, companies such as Fidelity Investments and JP Morgan Chase & Co.
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