MOSCOW (Pakistan Point News / Sputnik - 24th November, 2020) The price of the most popular cryptocurrency, Bitcoin, has continued to rise on Tuesday, topping $19,000 for the first time since December 2017, cryptocurrency charts showed.
According to CoinMarketCap, which indexes the averages of over 20 cryptocurrency trading platforms, the Bitcoin value has increased by 2.8 percent to $19,042 as of 10:06 GMT. At the Binance cryptocurrency exchange trading platform, its value has risen by 2.42 percent to $19,092.
Vladimir Panushkin, the director of center for social matrix technologies Socioma, believes that the current rise of bitcoin is driven by several factors.
"The global political and economic transformations caused by Donald Trump's rise to power in the United States in 2016 have overthrown the foundations of politics and economy of previous decades. And today's mess around the 2020 election results only heats up the tension," Panushkin told Sputnik.
According to the expert, the upward trend in the cryptocurrency market will be uneven and will see very significant adjustments. The pandemic-induced social distancing, he continued, will change not only our perception of the world, but also the financial and economic landscape.
In these circumstances, the Bitcoin exchange rate of $19,000 or even $25,000 is quite a possible scenario, Panushkin concluded.
