Bitcoin has been rising for months, reviving enthusiasm in the cryptocurrency market after the collapse of cryptocurrency platform FTX.
By crossing the symbolic threshold of $20,000 on Monday morning and reaching $20,845, the value of bitcoin increased by 5.2% compared to Thursday, returning to the level it was in November before the FTX bankruptcy.
According to the specialized website Coingecko, on the other hand, the value of the virtual currency market has crossed the symbolic threshold of 1000 billion dollars.
Simon Peters, an analyst at eToro, said this was due to several reasons, including “slowing inflation in the US”.
And for ByteTree analyst Charlie Morris, bitcoin tends to rise when the dollar falls, which has been the case for months. “In the past years, a falling dollar meant a rise in bitcoin. The correlation between them is less strong now, but it’s still there,” Morris said.
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