Bitcoin passed the $20,000 threshold today, Saturday, after falling heavily on Thursday and Friday, posting its highest level since early November last year.
This price is the highest for this digital currency since the collapse of the FTX exchange and the initiation of criminal cases that devastated the cryptocurrency sector with the first signs of problems on the exchange.
The data showed that the cryptocurrency is on track for the longest streak of growth since reaching its peak in July 2020.
Other currencies also rose as Ethereum jumped above $1,500 today, Saturday, with predictions of a sudden return to cryptocurrency mania again.
“Bitcoin seems to be trending higher in line with stocks and riskier assets,” said Jake Gordon of Bespoke Investment Group.
Bitcoin has spent much of the past year trading alongside the stock market, especially tech stocks. Everyone has been hurt as the US Federal Reserve launched a campaign to raise interest rates and squeeze liquidity to curb the fastest rate of inflation in decades.
Chris Gaffney, Head of Global Markets at TIAA Bank, said: “Last period and so far this year, there has been a risky tone that has helped cryptocurrencies. This is because trading is affected by risk factors. More than any other factor . in the basics”.
He added that scammers may be jumping into the cryptocurrency market after it has been falling for months.
Source: Bloomberg Agency.