The price of the most famous virtual currency is up 146% year-over-year and 70% in the last four months of this year.
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For the first time in nearly three years, Bitcoin’s price is nearing its all-time high. It topped $ 18,000 that Wednesday and was approaching $ 19,783 on January 1, 2017.
According to the records on the CoinDesk portal, the virtual currency rose from $ 16,560 to $ 18,198 in the past 24 hours. In this way, the price increased 146% year over year and 70% over the last four months of this year.
Speaking to CoinDesk, Antoni Trenchev, co-founder and managing partner of cryptocurrency lending platform Nexo said, “Some of the recent events have undoubtedly had an impact.” Including the price for institutional investments from companies like MicroStrategy and Square, which corresponds to the rise of Bitcoin from its recent integration with the PayPal payment system.
Other experts point to global events like the coronavirus pandemic and negative interest rates in traditional markets, including Germany.
“Interest rates are the biggest factor in people’s decision where to deposit money,” argued Ki Young Ju, CEO of analytics firm CryptoQuante.