Bitcoin above $ 31 thousand … the secret of the rocketing rise

During Saturday’s trading, Bitcoin digital currency continued its skyrocketing rise to achieve a new record in its dollar value, which surpassed 31 thousand dollars.

The price of the most popular digital currency during the middle of today’s trading, Saturday, was about $ 31,221.58 – the moment of writing the report – with an increase of 3.72% within 24 hours only and 24.38% over the last 7 days.

Bitcoin digital currency opened trading today for $ 29,928, according to the Bitstamp exchange, which means that one digital currency of Bitcoin is worth nearly half a kilogram of gold.

Analysts at Deutsche Bank said: “There will be a search for alternative currencies due to the continuous decline in the value of paper money … It seems that the demand for Bitcoin will remain high.”

With the supply of Bitcoin reaching 21 million, investors see the cryptocurrency as a hedge against the risk of inflation when governments and central banks are heading to a fiscal stimulus due to the Covid-19 pandemic.

Strong jump

Bitcoin, the oldest and most popular cryptocurrency and the most widespread cryptocurrency globally, surpassed the level of $ 20,000 for the first time on December 16, 2020.

In early 2020, the price of Bitcoin was equivalent to $ 8,000, but then it fell to $ 4,000 when the Corona pandemic broke out in the spring.

And within 3 months of trading, the most popular virtual currency, Bitcoin, broke the historical prices recorded in December 2017, amid a global increase in demand.

Investors in the cryptocurrency did not expect an improvement in the price of virtual currencies, but rather a break of previous historical prices during the current year, which is the most economically and financially most complex in the various developed and developing economies.

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