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Bitcoin rose more than 7% on Thursday and is trading at more than $ 15,000, the highest level in three years, as interest in cryptocurrencies rises and the US dollar falls, reports CNN.
The value of a bitcoin has doubled in 2020, the gains have been dramatic in the last few weeks, the virtual currency has increased by 40% since the beginning of October.
If bitcoin continues to rise, it may not be long before it reaches an all-time low of just under $ 20,000 in December 2017.
Bitcoin has benefited from the support of several companies, such as PayPal and Square, which accept cryptocurrencies as valid payment and investment options.
“Nothing is stopping it from reaching its peak in 2017,” Bill Noble, chief technical analyst at research firm Token Metrics, said in an email to CNN Business.
“Everyone is afraid of missing something [oportunitatea]and this determines the price. “Uncertainty about the outcome of the presidential elections could also fuel the recent growth of bitcoin, Noble added.
Investors can run away from the dollar and buy bitcoins. The US dollar index, which tracks the evolution of the dollar against the euro, the yen and many other major currencies, fell around 1.5% this week.
Bitcoin, along with gold, can become attractive to investors who want to take advantage of the continued weakness of the dollar.
Gold prices, which hit a record high of $ 2,000 an ounce earlier this year, were up about 30% in 2020.
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