How far will the frantic rise in the price of bitcoin continue? The famous cryptocurrency saw its price exceed $ 30,000 for the first time in its history, Saturday January 2. At around 2 p.m. PST, bitcoin was worth $ 31,502.77, according to data compiled by the Bloomberg agency. He crossed the $ 20,000 threshold for the first time on December 16. “The appetite for risk” which is reflected in the purchases of this cryptocurrency “remains indomitable,” said independent analyst based in Germany Timo Emden, director of Emden Research, in a note. For him, “in view of the dynamics of the course, more historic highs could follow”.
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The recent boom started at the end of October with the launch of a cryptocurrency buying, selling and payment service by the online payments giant PayPal. In addition to this service intended for individuals, investment funds are increasingly interested in this asset in sudden price movements, although they have long been wary of it. “Many private investors do not yet dare to approach and remain on the sidelines,” recalls Timo Enden.
What if this was just the start?
However, analysts from the US bank JPMorgan recently estimated that “the use of bitcoin by traditional investors is only just beginning”. Digital and decentralized currency is even compared to gold. Other reputable Wall Street bank analysts like Citi have started to follow the price of bitcoin. For many followers of this cryptocurrency, it draws its appeal from its decentralization. Bitcoin was indeed created by a network itself invented by anonymous people in 2008. It therefore does not depend on any institution.
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Not being backed by any asset or the economy of any country, the price of bitcoin has however observed dizzying variations. Thus, in 2017, it had started the year at less than 1000 dollars, then saw its price soar over the months, before a real surge between mid-November and mid-December, when prices had quadrupled less. of a month. After peaking near $ 20,000 on December 18, 2017, prices then melted throughout 2018, ending that year at just over $ 3,000.