This year, the Czechs bought a total of cryptocurrencies for about 4.5 billion crowns. This follows from the data of the largest domestic trader Bit.plus.
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Bitcoin remains the dominant currency, accounting for more than half of the trades. Bitcoin, along with another currency, ethereum, also drew demand for cryptocurrencies. Bitcoin reached its all-time high of over $ 68,600 in November, equivalent to CZK 1.54 million, breaking the record of $ 66,900, or about CZK 1.5 million, from the previous month.
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The bitcoin has fallen about four percent to $ 58,400 in the last month. Compared to the beginning of the year, this means doubling its value. Ethereum has strengthened seven percent to about $ 4,630 in the past month.
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“Interest in cryptocurrencies is driven by the demand of larger investors, who are attracting even the smaller ones. However, the exchange rate remains very volatile and one negative message is enough and the cryptocurrency can lose over 15 percent of the value within a few days, which we witnessed in November, “said Bit.plus director Martin Stránský.
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Stránský expects a further increase in trades for the end of the year. Interest in cryptocurrencies will continue to be influenced by large investors, including funds, which will push the price up. In addition to inflationary pressures, interest may also affect the current spread of a new variant of the coronavirus omicron.
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