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.
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.
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