The most popular cryptocurrency is once again heading towards $ 12,000. The current Bitcoin rate is around $ 11,816. The foundations indicate that BTC may gain momentum.
The current situation on the Bitcoin market
Yesterday's session on BTC closed at USD 11,779.77. The cryptocurrency was then 0.25% up. In the daily range, Bitcoin gained only 0.81%. Its current price per coin is approximately $ 11,816. It is under $ 200 to soar above the $ 12,000 line again.
As it turns out, the market capitalization of Bitcoin of over $ 218 billion is similar to the market capitalization of one of the world's largest banks - Bank of America.
The weakening of fiat currencies favors cryptocurrencies
In recent times, assets such as Bitcoin and gold have seen significant increases in value. To some extent, this is related to the inflation of traditional currencies and the flight of investors to resources with limited supply. This cryptocurrency and the most popular metal are the most popular assets that allow users to retain value in the long term.
This factor could be one of the catalysts for further Bitcoin raid. The weakening of the US dollar strengthens the position of virtual currencies and raw materials. This assumption was made by the famous twin brothers - Cameron and Tyler Winklevoss. They admitted that the coronavirus pandemic showed us that USD is "ridiculous" money. They also expressed their support for BTC.