Cryptocurrencies on the upswing

Published on: 10-Feb-2020
Category: Trading
Last updated: 10-Feb-2020

Cryptocurrencies on the upswing

The Bitcoin yesterday hit the $ 10,000 mark for the first time in four months. The cryptocurrency has thus gained 40 percent in value since the beginning of the year. Last year it was a 90 percent increase. At the moment, the price per Bitcoin has dropped back to $ 9,850.43. The cryptocurrency has gained confidence through the introduction of Bitcoin futures and options that have recently been traded on Chicago's CME. Due to its strong price fluctuations, the reputation of bitcoins has repeatedly come under criticism.

The upcoming halving may also have contributed to the price increase. Bitcoins are generated by digging blocks with computers. Halving now only gives you half the bitcoins for each block. The maximum number of generated bitcoins is 21 million. Halving takes place after certain intervals of the generated bitcoins. This was most recently the case in 2012 and 2016. This has always resulted in a sharp rise in prices, which is why speculators are now buying bitcoins and betting on the rise. According to the broker IG, the next halving is scheduled for mid-May 2020. The next will probably not be until 2024 and 2028.

Other cryptocurrencies such as Ethereum or Ripple have also seen strong gains since the beginning of the year. Ethereum has grown almost 20 percent since the beginning of the year and Ripple has even increased to 30 percent.


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