For the first time since 2018: Bitcoin briefly back over 16,000 US dollars
Source: Heise.de added 12th Nov 2020The crypto currency Bitcoin continues course to past record highs: For the first time since 2018 digital money was again more than 16. 000 worth US dollars – although the exchange rate dropped again shortly afterwards. The Coinmarketcap service currently counts an average price of 15. 860 US dollars at the trading venues.
The last currency was around the turn of the year 2017 / 18 so popular. In the course of a crypto boom it climbed in December 2017 to almost 20.000 U.S. dollar, which was then followed by a hard price slide and the prices in the course of the year 2018 to lowest values 3400 US dollars plummeted. 2019 it continued with a clear recovery to around 11. 000 US Dollars and from the middle of the year then back south with exchange rates around the 7000 US dollars.
30 Percent plus in October An upturn at the beginning of this year was probably mainly due to Corona crisis slowed, which not only hit the conventional financial markets hard and partly drove Bitcoin to below 5000 US dollars in March. But since then it has been going up again and since the beginning of October the price trend has been pointing steeply upwards – in that month alone the gain was 30 Percent. How long this continues is completely open – entry at your own risk.
One message that could have favored the current price rush is entry Paypals into the crypto world. Together with the service provider Paxos, PayPal has so far only offered US customers relatively limited opportunities to buy and store crypto money – but the expansion of the service to other countries and the use of crypto money for purchases have already been announced.
Bitcoin, gold or both? However, this is primarily an end-user topic – the ever-increasing interest should also be essential for the course be the professional investor in crypto money. Among other things, analysts see the search for investment alternatives outside of the low interest rate environment as a possible reason for the current crypto boom. In addition, the huge corona aid programs of the governments would also bring additional liquidity into the financial markets – and they are now looking for returns.
For example, the US hedge fund billionaire Stanley Druckermiller asked the US Broadcasters CNBC understand that, in addition to gold, they also find Bitcoin interesting as protection against US dollar devaluation. Above all, it is investors of the millennial generation who prefer Bitcoin over gold, analyzed the US bank JP Morgan. Crypto investment vehicles like the Grayscale Bitcoin Trust also achieved record inflows.
Ethereum is also climbing An argument for current Boom, which is always mentioned in the crypto money scene: In May of the year, the reward miners received for a freshly generated block in the blockchain went from 12, 5 to 6, 25 Bitcoin halved. Which means that the supply of new Bitcoins is growing more and more slowly – from which some draw the reverse conclusion that the existing units of Bitcoin are increasing in value. The amount of money is limited to 21 million units.
Alongside the class leader Bitcoin, it drove also other crypto currencies such as Ethereum upwards. According to Coinmarketcap, the currency gained around percent percent this week alone, an ether is therefore currently worth 460 US dollars. Here, the near switch from block generation through proof-of-work to proof-of-stake could have driven the course – users should become validators of the Ethereum network with crypto money and receive a kind of crypto interest. At old peak rates of 1000 US dollars during the crypto boom 2017 / 18 Ethereum has not yet caught up.
(axk)
brands: Stanley Trust media: Heise.de keywords: Bitcoin
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