By Andrew Collins, investor and consultant. Eurasia Business News, October 12, 2021
The Bitcoin price continues its growth above the level of $ 50,000, resisting on October 12 around $ 55,400, after hitting $57,646.86.
Ethereum was worth $3,471.79 at 11:10 PM Paris time, down by 0.54%.
Over the week, the leading cryptocurrencies added more than 20% in price. Market stakeholders quickly returned to the game of increasing virtual assets, even amid expectations of tightening monetary policy by the US Fed and regulation of the crypto market in China.
The last wave of growth in the value of bitcoin started on September 29, when it dropped to a local minimum of $ 40.7 thousand. Since then, the growth of the rate of the first cryptocurrency has reached 39%.
The historical maximum of the bitcoin price ($ 64.900) was set in April 2021.
Read also : Bitcoin breaks $50,000 again for first time since May
What we can be sure is that more actively the crypto-infrastructure develops, the faster Bitcoin and other cryptocurrencies rate will grow.
The Bitcoin price is able to renew its historical maximum in Q4 2021 and reach levels of $ 70,000 and $ 90,000. The main reason of this growth is the large inflow of funds into the digital assets industry. Between 20 million and 46 million Americans hold cryptocurrencies, reported the Wall Street Journal. The total market capitalization for cryptocurrencies is around $2 trillion,
Large investors, banks from Goldman Sachs, JP Morgan to Morgan Stanley, investment fund like SkyBridge Capital, fintech like Paypal or Square Inc. and industrial tech companies such as Tesla Inc have invested significant funds in Bitcoin or have started to offer access to crypto-funds. Cryptocurrencies are now backed by financial institutions, exchanges, miners. Some will say now that State can use cryptocurrencies and recognize them as legal tender. In 2021, El Salvador decided to adopt Bitcoin as its national currency.
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