Bitcoin rises above $ 29,000

Bitcoin coin (symbol image)

For the latest soaring, however, the market repeatedly cites that the digital currency has recently moved more into the focus of large financial investors and is in greater demand.


(Photo: Reuters)

Luxembourg Bitcoin, the digital currency, rose above $ 29,000 for the first time on New Year’s Eve. On Thursday, the price on the Luxembourg trading platform Bitstamp reached a new record high at $ 29,292 during the night. At noon, Bitcoin fell back a little, trading at $ 28,983.

Bitcoin has been skyrocketing since the beginning of November. During this time, the price has more than doubled. Bitcoin is the oldest and by far the best-known digital currency. Experts had recently estimated the market capitalization to be around $ 500 billion.

There is no suitable reason for the rise in Bitcoin to the current record high shortly before the turn of the year. For the latest soaring, however, the market repeatedly cites that the digital currency has recently moved more into the focus of large financial investors and is in greater demand. Especially the announcement of the payment service Paypalto enable its customers to pay with Bitcoins resulted in an enormous surge in demand.

However, experts also warn of the extreme price fluctuations that can be observed time and again with Bitcoin. Three years ago, the rate of the digital currency collapsed by around 70 percent in a short time.

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