Bitcoin breaks new record and surpasses R$ 120 thousand

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Bitcoin valued over 650% in the year.

Bitcoin has just surpassed the $ 24 thousand mark. Being traded in Brazil above $ 120 thousand. This is the first time in history that digital currency reaches the value. Following an upward trend that began in mid-November, the digital currency has appreciated more than $ 5 thousand dollars in the last 7 days.

This Saturday the cryptomoeda rose 7% (so far), bringing the total capitalization of Bitcoin to $ 445 billion. The rise in Bitcoin made the entire market of cryptomoeda rise together, making the market have a capitalization of $ 675 billion.

The price spike comes just after news that the US will implement a heavy rule against cryptomorphs, where transactions above $3,000 must be declared and tracked by regulators.

Digital currency has been adopted as a „safe harbor“ asset at a time of financial uncertainty caused mainly by the pandemic and the government’s uncontrolled printing of money.

In the year to date, Bitcoin has valued more than 650%. The currency fell more than 50% in a single day in March, and since then it has slowly recovered, until several companies announced the purchase of the asset, and it went up.

All of the past Bitcoin firings were followed by some correction, which is also expected in the recent move, however, several market analysts describe the moment as „healthy“ and some predict it should continue, with some investors expecting values above $100 thousand.

The belief is based on the motivation of the high, which is driven mainly by institutional adoption. Several great companies adored the asset as a value reserve, and several others have announced projects or products with the asset, such as PayPal and Square, for instance.

Although there are other more than 7,000 cryptoemoedas, Bitcoin dominance is increasing, reaching over 65%. Other cryptoemoquids are also gaining value with some having gained more than two digits in the last 24 hours.

Bitcoin’s rise also calls attention because there is little interest from ordinary people compared to 2017. Google Trends shows that searches for digital assets in Google are at one of the lowest levels in the last 3 years.

Those who bought Bitcoin at the end of 2017 had to live with the devaluation of the following years, and many people decided to take the loss and sell the currency at a lower value. Those who managed to save, however, now for sure are in the profit, since in 2017 the currency was traded for up to R$ 70 thousand, and now it has surpassed R$ 120 thousand.