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The rally in most cryptocurrencies continued through the weekend.
The Bitcoin rate rose to more than $ 57,800 on Sunday afternoon. That made it slightly more expensive than its last high on Saturday. More recently, the best-known and most important cryptocurrency on the Bitstamp trading platform cost slightly less again at around $ 57,200, but was still above Friday’s level and continues to target the $ 60,000 mark. 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.
In the wake of the hike that has lasted for weeks and months, the rates of many other digital currencies such as Ethereum and Binance Coin 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 Coinmarketcap listing, this was recently just a little over 60 percent, after being just over 70 percent some time ago. A unit of Ethereum, the second largest cryptocurrency, was worth more than $ 2,000 for the first time on Saturday.
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Bitcoin has risen again since the fall of last year. In October, for example, the exchange rate was just $ 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.
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.
/ zb / nas / men
FRANKFURT (international awp)
