The price of Bitcoin has reached its highest level in 19 months and exceeded $41 thousand. This was facilitated by expectations of a reduction in the US discount rate and the approval of a bitcoin exchange fund, reports CNBC.
According to Coin Metrics, on Monday in Asia, the cryptocurrency grew by more than 4% and traded at $41,520 thousand. This is the first time since May last year that the price of Bitcoin has surpassed the $40 thousand mark.
Overall, the value of cryptocurrency has increased by 145% since the beginning of this year. However, analysts suggest that the growth of cryptocurrencies will not stop. According to Bloomberg, IG Australia Pty is talking about $42,330 as the next level for Bitcoin.
However, Nexo, a digital asset company, expects cryptocurrencies to grow more significantly. The company’s co-founder Antoni Trenchev suggests that $48 thousand and $52 thousand may become the next important milestones.
On September 7 last year, Bitcoin was worth less than $19 thousand. On that day, it reached its lowest level since June following a fall in stock markets around the world and a continued strengthening of the US dollar.
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