Bitcoin beats its historic price and reaches US$ 68,000

In a strong upward movement, Bitcoin (BTC) returned to the level of US$ 66,000 per unit earlier this week and finally reached a new historic high, reaching US$ 68,000 this Tuesday. The sudden appreciation, which started on Monday (8), also boosted some of the main alternative cryptocurrencies, or altcoins, like Cardano (ADA) and Ether (ETH), the native token of the Ethereum network, which is already worth US$ 4,800.

Check out the Bitcoin trading graph for the year below — before today’s record, the last maximum value of the digital currency was reached on October 20, when the currency hit $67,000. After suffering from some volatility, Bitcoin reached its new all-time high at an important moment.

Bitcoin Trading ChartSource: Trading View

escape from inflation

It appears that rising fears of inflation are still the main reason for Bitcoin’s sudden bullish move: “People are feeling the pinch globally […], whether it’s gasoline prices in the United States, energy prices in Europe or food prices in Latin America,” says the Coinbase newsletter, “[…] the constraints in the supply chain and the shrinking workforce make investors look for a store of value,” he contextualizes.

This “retail” theory about the movement of Bitcoin prices is also supported by the analysis of senior broker at Crypto Finance AG, Daniel Kukan, who points to spot trading in satoshis (the “cents” of the main cryptocurrency) as the driving force behind the recent appreciation.

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Optimistic, Kukan still comments on the sideways move in Bitcoin price over the past three weeks: “It was a healthy consolidation and the market has not tested the $58,000 short-term support, which is a sign of strength,” he explains, “I can see some seller interest a little over $70,000, [mas] I think we’re going to get to that level pretty quickly,” he reckons.

Gold or Bitcoin?

Traditionally, throughout history, gold has been one of the main alternatives used as a store of value against inflation. Bitcoin, in turn, ended up receiving the nickname “digital gold” in the international media as it was growing more and more in the heart (and pocket) of the common investor.

See below a comparison between the appreciation of traditional gold prices and “digital gold” in the last ten years:

Comparison of appreciation in the prices of Gold and Bitcoin, in the last 10 years — recording a difference of 97,546,392,53%.Comparison of appreciation in the prices of Gold and Bitcoin, in the last 10 years — recording a difference of 97,546,392,53%.Fonte: Trading View

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