Cryptocurrencies
Bitcoin record now at more than $106,000
Bitcoin is chasing from record to record. When will the rally end?
Bitcoin reached another record high on Monday night. The price of the oldest and best-known cryptocurrency has risen to $106,533 on the Bitstamp trading platform. The price had recently fallen slightly again, but at $105,000 it was still around $4,000 above the level on Friday evening.
Bitcoin has been on an upward trend for almost two years, taking the price from less than $20,000 to six-digit highs. The latest driver of the rally was the election of Donald Trump as the new US President. Since then, the price has increased by around half. Trump is considered a supporter of cryptocurrencies.
In addition, the expectation of further key interest rate cuts by major central banks is supporting Bitcoin. The US Federal Reserve will publish its interest rate decision on Wednesday evening. A further key interest rate cut of 0.25 percentage points is expected.
According to a list from Coinmarketcap.com, the market value of Bitcoin is currently almost $2.1 trillion. That’s around 56 percent of the total market capitalization of $3.7 trillion of all just over 10,000 cryptocurrencies.
dpa
Source: Stern
