Finance

Bitcoin exceeds US $ 8,000 million for the first time in 10 months

The bitcoin, the main virtual currency, managed this Monday to exceed US $ 8,000 for the first time in 10 months and a rise of 35% in the last seven days. Why does bitcoin rise while most markets fall?

With the upsurge in the trade war between the United States and China, analysts see a wave of yuan sales, the Chinese currency and a search for other assets, such as cryptocurrencies or other currencies considered safer. Virtual currencies became an alternative for investors to diversify their portfolio.

The total market capitalization of all cryptocurrencies is around US $ 230,000 million.

“The frenzy can come back,” Neil Wilson, an analyst at Markets.com, said, noting however that he does not find fundamental elements to explain the trigger. The other cryptocurrencies, such as the ethereum or the ripple, are also benefiting from the rise.

Bitcoin has already gained 90% since the beginning of April, after spending the first three months of the year between 3,500 and 4,000 dollars.

It is still, however, far from its historical maximum, reached in December 2017, of $ 19,511.

Created in February 2009 by one or several computer scientists who hide behind the pseudonym of Satoshi Nakamoto, for a long time bitcoin was only worth a few cents.

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Lloyd Martinez

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