Bitcoin highest at $11K, a new high not reached in 15 months

Bitcoin Highest 11K

Bitcoin highest $11k — After a crossing of the desert, the price of the most famous cryptocurrency Bitcoin again increases sharply. It is at the highest for fifteen months.

This weekend, the price of the most famous cryptocurrency has crossed the symbolic threshold of $ 10,000 before continuing its momentum to break the $11,000 mark this Monday morning. This puts at its maximum for fifteen months.

After experiencing a meteoric rise at the end of 2017, bitcoin came close to 20,000 dollars in January 2018, to drastically fall back. Its value has been drastically corrected in the following months, falling to under $ 4,000. The bursting of the bubble seems to be coming to an end. Since the beginning of the year, the bitcoin has been slowly rising.

Its value has almost doubled in six months. This improvement benefits other cryptocurrencies. Ether, Litecoin or even monero–prized for the anonymity of the transactions that it allows to realize–have also seen their respective prices increase significantly.

The underside of such an increase is still opaque. Some analysts, like Joseph Young, expect a growing popularity of bitcoin at the institutional level and a greater activity of developers, and the computing power they demand from their computers to produce cryptocurrencies.

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The most invoked argument nevertheless remains the presentation of Libra, the cryptocurrency of Facebook to be launched in 2020. The American company has for this project found the support of twenty-seven renowned partners, including PayPal, MasterCard or Uber and Spotify. Its large ecosystem, of nearly 2.4 billion monthly users, suggests a massive adoption of this new digital currency and comes to provide a new light on the cryptocurrency sector.

Libra takes up a handful of bitcoin features. This currency is also encrypted and its price does not depend on any bank or any government. Libra is nevertheless destined to be much easier to access than its elder. Above all, even though the price of bitcoin is volatile, that of Libra is destined to remain stable. It will be backed by a reserve of real currencies, including the dollar, the euro or the yen.

Emy Torres

Emy holds a degree in Political Science from the University of Michigan and currently freelances part-time for The Talking Democrat.