Wicketcoin is on track for its longest monthly winning series in more than a year after touching a record above 28,000 over the weekend.
The largest cryptocurrency reached an all-time high of 28,365 before hitting some earlier on Sunday, according to a combined calculation of prices compiled by Bloomberg. October This is the longest run since October mid-2019, the race for outsourced returns so far in October, November and December.
“My understanding is that we are close to the top – we can hit 30,000,” said Vijay Iyer, head of business development with Crypto Exchange Luno in Singapore. “We should definitely see a pullback, but the dimension may be less. We can only see 10% to 15% drops. “
Amid a growing epidemic, Bitcoin has more than tripled its price since 2020. Believers see it as a hedge between the weakness of the dollar and the injection of heavy stimulus against the risk of rapid inflation and point to the growing interest of institutional buyers. Others question the validity of Bitcoin as an investment and draw attention to the digital currency history of wild rallies after the crash.
read more: Bitcoin crushes 224% of doubts Rally proves it has to stay here
For investors, regulatory scrutiny of the cryptocurrency industry is still ongoing.
The allegation was made by the Securities and Exchange Commission last week Corrugated Labs Inc. And its superiors Misleading investors in affiliate token XRP. While Ripley plans to challenge the allegations in court, the development underscores the possibility of stricter monitoring of digital assets.
Iyer said investors are shifting to bitcoin and other digital coins in the wake of the XRP growth.
Bitcoin rose 3.6% on Monday and was trading around 27 27,100 at 7:07 a.m. in London. Cryptocurrency has risen nearly 279% this year, while the giant Bloomberg Galaxy Crypto Index has risen 266%.
(Updates the values in the final paragraph.)
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