Bitcoin has been surging for months, reviving the fervor in the cryptocurrency market since the bankruptcy of cryptocurrency platform FTX.
By crossing the symbolic threshold of $20,000 and reaching $20,845 on Monday morning, the value of bitcoin rose 5.2% compared to Friday evening and returned to the level it was in November, before the FTX bankruptcy.
On the other hand, the value of the virtual currency market has crossed the symbolic threshold of $1,000 billion, according to the specialized Coingecko website.
Simon Peters, an analyst at eToro, said this was due to several reasons including “slowing inflation in the US”.
And for Charlie Morris, an analyst at ByteTree, bitcoin tends to go up when the dollar falls, which has been the case for months. “Over the past years, a decline in the dollar meant an increase in bitcoin. The correlation between them is now less strong, but it is still there,” Morris said.
