UP: Bitcoin rises to new heights on Tuesday. Photo: Lucy Nicholson
The cryptocurrency Bitcoin has risen sharply in recent times. In early November, it plunged $ 15,000 and on Tuesday night it passed $ 17,000, which is the highest since January 7, 2018.
The price of bitcoin has been up over 4 percent in the last 24 hours and peaked at 17,030 dollars, according to the website CoinDesk.
Bitcoin experts from the website believe that the huge increase in the cryptocurrency so far this year, which is 137 percent, is due to a number of factors. Among other things, the authorities’ financial support packages aimed at Covid-19 have a positive effect, and large investors such as Paul Tudor Jones and Stanley Druckenmiller have shown strong interest, reports CNBC.
“The gap between the crypto world and traditional financial institutions has narrowed drastically. More investors see potential in the digital currency market “, says Charles Hayter, CEO of CryptoCompare, to CNBC.
Crypto-followers believe that Bitcoin has the same properties for safe values as gold, which investors often hoard in downturns. They believe that fiscal and monetary stimuli reduce appetite for traditional currencies such as the dollar.
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