The Bitcoin exchange rate rises to the highest level ever

The case is being updated.

On Monday afternoon Norwegian time, one bitcoin reached a value of 19,722 dollars, a new record for the cryptocurrency. According to Bloomberg, the previous peak was $ 19,511.

Since the beginning of September, the bitcoin exchange rate has risen sharply, and has almost doubled in just a few months.

The new record comes after an ever so small correction last week, when the bitcoin exchange rate fell around ten percent towards the end of the week.

– The correction did not last long, analyst Craig Erlam in Oanda states to Bloomberg. He has a short-term price target of $ 20,000 for bitcoin.

Clear reasons

Bitcoin was first introduced in 2009, but it took a long time before the world opened its eyes to the cryptocurrency. It was not until 2017 that it completely took off. At the turn of the year, one bitcoin was worth around 1000 dollars, but during the year the value rose almost 1700 percent.

It peaked on December 16, 2017 at a price of around $ 19,500. Then bitcoin fell sharply. In the winter of 2019, it was down around $ 3,500. Since then, it has run like a roller coaster, before it has now reached a new peak.

According to senior economist and general manager of the crypto company Arcane, Torbjørn Bull Jenssen, there are clear reasons for the recent rise.

– One of the most important factors in the upturn is that large, institutional investors are starting to take positions, but also that they go out to the media and tell about it. The backdrop is a real economy that is affected by the corona, but also money printing on a huge scale, he told DN earlier in November.

Bitcoin has been considered the dominant cryptocurrency since the beginning of 2018, nor did it escape when the korona hit the markets in March and April. At its lowest point this year, March 12, one bitcoin was worth $ 4,879. The price has risen around 275 percent since then.

DN has earlier this year mentioned that it listed company Microstrategy invested half of its cash reserve in bitcoin. During the autumn, the payment solution company Square, established by Twitter founder Jack Dorsey, also bought 4709 bitcoin for a total of 50 million dollars. Head of investments at the investment giant Blackrock, for its part, has said that bitcoin can replace gold.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other form of use of all or part of the content, can only take place with written permission or as permitted by law. For additional terms look here.

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