Saturday 26 December 2020
For the first time over $ 25,000
Bitcoin is unstoppable
The pandemic and the advance of the payment service PayPal are spurring the most famous cryptocurrency Bitcoin this year. While the rate initially fell to less than 4,000 US dollars in the first corona wave, the slow increase has now accelerated rapidly.
The soaring of the digital currency Bitcoin continues. The price of the oldest and best-known cryptocurrency exceeded the round mark of 25,000 US dollars for the first time. A high of $ 25,022 was reached on the Bitstamp trading platform. That is a record high.
On other trading venues, of which there are numerous, the record levels can deviate as there is no central Bitcoin trading. Bitcoin's soaring this year is breathtaking. Started at around $ 8,000 at the beginning of the year, the rate initially fell to less than $ 4,000 during the first Corona wave in spring. Then began a slow increase that accelerated sharply in the fall.
Since mid-October alone, the value of Bitcoin has more than doubled. With a market share of almost 70 percent, Bitcoin is by far the largest digital currency. The significant rise in the price of Bitcoin this year is justified by several developments.
It is crucial that the topic of digital currencies has moved more into the focus of investors again. This is not least a consequence of an advance by the large payment service PayPal, which wants to enable its customers to pay in digital currencies such as Bitcoin. Bitcoin is also being boosted by the fact that more and more professional investors are interested in cryptocurrencies.
The interest of professional investors is often considered to be long-term, which could stabilize the very volatile Bitcoin course. Interest in digital currencies is also being increased by the corona pandemic and the associated sharp rise in national debt. For this reason, some investors fear rising inflation in the medium to long term, which they want to hedge against with alternative investments.
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