Supported by the increased interest shown especially by investors in the Asian region, but also the acceptance in the United States as a means of payment through the PayPal service, the Bitcoin price exceeded on Tuesday the threshold of $ 19000, taking into account the historical maximum of $ 19783 reached in year 2017.
Bringing huge gains for investors who bought at better prices, the Bitcoin price has been on an exponential growth trend for some time, the chart drawing reminiscent of the speculative bubble fueled in 2017 by amateur investors, tempted by the prospect of a quick gain.
Bitcoin growth, based on stronger foundations than in the past
But according to experts in the field, the foundations on which the current round of growth is based are much stronger than 4 anim now, the price of Bitcoin being fueled by traditional companies and investors, who find new uses in the real world. Last but not least, Bitcoin is increasingly perceived as a haven for asset placement, in the increasingly likely context of a lasting recession in the global economy.
Among our new followers is Square, the American financial services aggregator buying bitcoin worth 50 million dollars in October, betting its potential to become “a more ubiquitous currency”. Soon, PayPal announced that it will allow users to buy and sell cryptocurrencies, with the news pushing Bitcoin quotes above the $ 13,000 threshold.
The young generation of investors (Millenials), much more willing to believe in the long-term success of Bitcoin and open, in general, to the use of digital means of payment, also seems to be part of the new “growth rally”.
The maximum reached by Bitcoin on Tuesday, November 24, 2020, was followed to a greater extent by other popular cryptocurrencies. For example, the price of Ethereum reached $ 622.73, starting from a low of $ 95.18 recorded in the first part of this year. Even more spectacularly, the Ripple (XRP) currency rose 54.7% in about 24 hours, reaching a high of $ 0.79.
Robert J. Smith is still early into his career as tech reporter but has already had his work published in many major publications including JoyStiq and Android Authority. In regards to academics, Robert earned a degree in business from Fordham University. Robert has passion for emerging technology and covers upcoming products and breakthroughs in science and tech.
