Photographer: Andrey Rudakov/Bloomberg

Bitcoin advocates say this time will be different as the virtual coin surges back to price levels last seen in the wake of the cryptocurrency market collapse almost three years ago.

The largest digital coin has jumped more than 25% this month and grazed $13,858 on Wednesday, the highest since January 2018. It’s been quite a ride since the bubble burst: From an all-time high in December 2017 of nearly $20,000, Bitcoin tumbled to as low as $3,136 within a year.

Proponents of digital assets say the recent rally isn’t another speculative frenzy among individual investors. They point to rising institutional interest, PayPal Holding Inc.’s decision to allow customers access to cryptocurrencies and the use of JPMorgan Chase & Co.’s JPM Coin to make a payment for the first time.

“This rally seems to be more driven by allocators with larger balances getting involved, rather than a flurry of retail investors,” said Nic Carter, co-founder of researcher Coin Metrics.

(Excerpt) Read more Here | 2020-10-28 04:21:00
Image credit: source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.