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The rally in most cryptocurrencies continued on Saturday.
Bitcoin rose to around $ 57,500 at noon before it collapsed a bit. More recently, the best-known and most important cryptocurrency on the Bitstamp trading platform cost slightly less again at $ 56,800, but was still above Friday’s level. At the end of the week, Bitcoin was worth more than $ 55,000 for the first time, breaking the $ 1 trillion mark in terms of total market capitalization.
As a result of the hike that has lasted for weeks and months, the rates of many other digital currencies such as Ethereum, Binance Coin or Polkadot are also increasing. For this reason, Bitcoin’s share of the overall cryptocurrency market has declined somewhat recently despite huge price gains. According to a list on the site www.coinmarketcap.com, it was just a little over 60 percent recently, after being just over 70 percent some time ago.
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Bitcoin has risen again since the fall of last year. In October, for example, the price had just hit $ 10,000 before climbing to more than $ 20,000 in mid-December. In early January it crossed the $ 30,000 and $ 40,000 mark in just a few days. After a phase of consolidation until early February, things have steadily improved again since then. Last week, Bitcoin was worth more than $ 50,000 for the first time.
Musk again
Dazzling billionaire and Tesla boss Elon Musk gave a boost again on Friday. He wrote on Twitter why cryptocurrencies were preferable to traditional currencies from his point of view. If conventional currencies were subject to negative real interest rates, only a fool would not look elsewhere, Musk wrote. He was describing the loss that many investors are currently experiencing in light of extremely low interest rates and taking inflation into account.
The fact that Bitcoin reacts to Musk’s tweets is nothing new. The Tesla boss is a fan of cryptocurrencies and speaks energetically on the subject, mainly through the news service Twitter. It was recently announced that electric car maker Tesla had invested billions in Bitcoin and wanted to accept internet currency as a payment method in the future. That gave Bitcoin an additional boost.
According to cryptocurrency expert Timo Emden of Emden Research, there are currently many reasons for the bull market for digital currencies. “Not only Musk should play a decisive role,” he wrote in an assessment of the market on Saturday. Musk still takes great pleasure in powering the rally. But this is also due to investors’ fear of missing something. “Private investors, in particular, are likely to have gone blind in the last few hours.” The game of climbing seems to get out of control again.
/ of us
FRANKFURT (international awp)
