Bitcoin - one digital coin is worth only $ 40,000

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Avatar for NemanjaSlavkovic
2 years ago

The value of bitcoin has reached the highest value of all time - 40,000 dollars, reports Tanjug of the world agency.

Bitcoin rose 8.5 percent to $ 40,000, the CoinDesk portal reported, TAS S reported.

The price of cryptocurrency reached its historical maximum for the second time on January 7. That is $ 10,000 more than on January 2, when bitcoin first exceeded $ 30,000.

And just a few weeks ago, bitcoin reached $ 20,000 for the first time.

By the way, last year bitcoin quadrupled its value in the middle of the global coronary virus pandemic, the BBC reported. The value of bitcoin jumped by 370 percent in 2020, and only in the previous month, its value increased by 50 percent.

Reporting that the madness for bitcoin does not stop, the agencies reported yesterday that an unprecedented crowd of investors for cryptocurrencies has taken over.

At one point, when bitcoin reached a new historical record of 38,000 US dollars yesterday, the total value of the virtual money market broke the amount of 1,000 billion dollars.

According to Coin Metrics, the world's oldest and largest cryptocurrency traded at $ 38,080 yesterday morning (around 7:00 AM CET), just hours after exceeding $ 37,000, CNBC television reports.

Bitcoin has strengthened by seven percent on a daily basis, while since the beginning of 2021, it has recorded a growth of about 30 percent.

The value of the entire cryptocurrency market, in which, in addition to bitcoin, other digital coins such as etherium and tetar are traded, exceeded one billion dollars for the first time yesterday, according to the Coinmarketkap portal, CNBC adds.

Bitcoin is by far the most dominant cryptocurrency, with a market value of over $ 700 billion.

The dizzying rise in the price of bitcoin is attributed to a number of factors, including a larger purchase by large institutional investors, including, for example, investment magnate Paul Tudor Jones.


Investment bank JPMorgan published a bold long-term forecast on the target price of bitcoin on Monday (January 4), claiming that this cryptocurrency could climb to as much as 146,000 dollars - competing with gold as an "alternative" currency, reports Tanjug.

Yellow precious metal also recorded significant growth during 2020, with its price on the spot market increasing by about 25 percent.

JPMorgan's strategists, however, noted that bitcoin will have to become significantly less volatile before it can compete for gold in terms of market value. It is known that the price of this cryptocurrency has strong oscillations.

Bitcoin (does not) protect against inflation

On Monday, the volume of trade on the main cryptocurrency exchanges reached a daily record, exceeding 68 billion dollars, which illustrates the madness that reigns in this market, accompanied by the rise of the price of bitcoin to the highest level of all time.

The total daily volume of cryptocurrency trading amounted to 68.3 billion dollars on January 4, according to the published data of the British research company CryptoCompear, Reuters reported.

The data show that the daily trading volume in 2020 averaged 13.1 billion dollars.

Bitcoin recorded a record price of 34,800 dollars on Sunday, continuing the rise from 2020, in which its value was more than quadrupled because large American investors entered the market. It fell sharply on Monday due to volatility in futures markets, before recovering and making up for losses.

The second largest cryptocurrency, etherium, which tends to be traded in tandem with bitcoin, reached its highest level since January 2018 on Monday, hitting $ 1,170.

The new bitcoin record was achieved in less than three weeks after it broke the level of 20,000 dollars for the first time on December 16, reminds Tanjug.

The explosive growth of this digital coin is contributed by the belief of investors that it can be a protection against the risk of inflation, since governments and central banks are "turning off the taps" of financial aid in an effort to suppress the impact of the covid-19 pandemic. The potential for quick earnings also stimulates the demand for bitcoin.

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Avatar for NemanjaSlavkovic
2 years ago