01.12.202014:29 Forex Analysis & Reviews: Bitcoin breaks historical record and continues to grow steadily

The main virtual coin, during the trading on Monday, crossed a record level against the dollar. The reason for the historic event was the growing demand for cryptocurrency from both institutional and retail investors.

As a result, bitcoin rose to $19,864, breaking the maximum set at the end of 2017. Over the past day, the coin has shown an increase of 5%. At the same time, at the end of last week, the cost of BTC fell below the $17,000 figure.

If we talk about the annual dynamics of the main virtual currency, then in 2020, bitcoin has grown by more than 170%. The reason for optimism was the demand for risky assets due to unprecedented fiscal and monetary stimulus, as well as hopes for widespread acceptance of cryptocurrencies. At the same time, the price of gold, which, apparently, is no longer perceived as a protective asset, has been falling for a week.

In addition, this year Bitcoin has become a kind of safe haven for those who sought refuge from the growing process of printing money by the Central Bank, as well as growing inflation.

On the first day of winter, the main digital currency continues to grow by an average of 4%, gradually approaching the psychological mark of $20,000. The last time BTC reached this level was on December 17, 2017.

According to the portal CoinMarketCap, which calculates the average price for more than 20 exchanges, on Tuesday, bitcoin is growing by 4.77% to $19,348, and on the largest cryptocurrency exchange Binance by 4.60%, to $19,373. The share of digital coins today accounts for about 62.3% of the global cryptocurrency market.

Experts predict that in the near future, the price of BTC will overcome the $20,000 mark, and then a correction will occur. Other experts claim that the correction took place last week when the value of bitcoin was reduced by 16%.