Bitcoin Breaks All Records!
The Bitcoin cryptocurrency is worth $17,107, and this is the highest since January 7, 2018.
Since the beginning of the year, the value of Bitcoin has increased by 130%.
The value of the most popular cryptocurrency, Bitcoin, on Tuesday, November 17, increased by 5% and exceeded the $17 thousand mark for the first time since January 2018.
This is evidenced by the bidding data.
On November 17, Bitcoin was worth $17.048.
BTC accounts for approximately 65.22% of the total global cryptocurrency market.
Since the beginning of 2020, Bitcoin has more than doubled in price ‒ from $7300 to $15,600. The most rapid rate of the main cryptocurrency began to grow in early autumn. From September to November, it grew by 55% and today fluctuates between 15.3-15.6 thousand dollars for one virtual coin.
In December 2017, one Bitcoin was bought for $19.9 thousand. This was a historic maximum.
Cryptocurrency news analysts began to talk about the fact that the Bitcoin exchange rate could begin to grow significantly in the spring. On May 11, the third so-called Bitcoin halving took place on the Blockchain network. This is a halving of the reward to miners for adding a new block to the Blockchain.
In practice, a decrease in reward means a halving of the rate of cryptocurrency mining. Today 18.5 million bitcoins have been mined out of a possible 21 million. That is, the slower new virtual coins are mined, the more value the existing ones in circulation acquire.
The rise in the value of Bitcoin was also influenced by forecasts of political and economic instability in 2020-2021 amid the coronavirus pandemic. These are negative rates of return on debt instruments of many developed countries of the world, an increase in world debt, a slowdown in production, and others.
Now the total value of Bitcoin’s market capitalization is over $315 billion.
- At the end of July, the value of bitcoin began to rise and in two days increased by $1900. Then the price of the cryptocurrency exceeded $11,000. In May-July, its price fluctuated at around $9,100
- Bitcoin traded at $12,000 in August and peaked at $12,400 in the middle of the month.
- Bitcoin price hit $12,300 on the morning of October 21 and approached the annual high of $12,400, which was set in August.
- The value of the bitcoin cryptocurrency on Saturday, October 31, rose by about 5%, exceeding the $14,000 mark, and beat the rate of January 2018.
- On November 5, the price of bitcoin reached $14,500.
- The value of the Bitcoin cryptocurrency on Friday, November 6, approached a record high of $16,000
But some experts are skeptical about the prospects and expect a rollback. “The $18,000 to $19,000 level is a potential peak. Many people, especially those who bought at their peak in 2017-2018, are likely to sell at these levels. In the past, a major rally has always been followed by a 30-40% retracement. There is no reason to believe that this time everything is different,” warned Vijay Ayyar, head of business development at Luno crypto exchange.