Bitcoin jumped more than five percent today, Friday, to a new record level at $ 41,530, to offset losses it incurred hours earlier by 5%.
The value of this virtual currency had decreased from $ 40,000, its level yesterday, Thursday, to $ 36.6,000 on Friday morning, before it re-climbed to an unprecedented ceiling in its history of about $ 41,000.
Bitcoin rose by 700% since a decline it recorded last March, before its value achieved a historic development on January 2, reaching the level of $ 30,000, while it did not exceed $ 20,000 in mid-December.
The decline recorded this morning was expected, as experts warned that the value of the “Bitcoin” currency will see an automatic adjustment in the markets after it reached the level of 40 thousand dollars yesterday, Thursday.
The competing cryptocurrency Ethereum rose 3 percent before it plunged more than ten percent, while some market participants warned of a correction movement after reaching the level of 40 thousand, but Bitcoin is preparing to record gains for the eleventh session in the past twelve sessions.
Growing demand from institutions, companies, and, more recently, individual investors has boosted a rise in Bitcoin, as they are drawn to the prospects of a quick gain in a world of drastically low returns and negative interest rates, and economists at JPMorgan wrote on January 5th that the digital currency is emerging as a competitor to gold, It may trade as high as $ 146,000 if it consolidates its position as a safe investment asset.
Interest in the world’s largest cryptocurrency has increased in the past year, as investors view Bitcoin as a hedge against inflation and an alternative to the depreciation of the dollar.
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