The best-known crypto currency Bitcoin has reached a new high since the beginning of 2018. The price had climbed to a record high of almost $20,000 at the time, but subsequently plummeted to below $14,000.
The strong gains of Bitcoin continue. On Wednesday, the oldest and best-known digital currency climbed to its highest level since January 2018, reaching a mid-week high of $13,864 on the Bitstamp trading platform. In October alone, Bitcoin gained almost 30 percent in value. Other digital currencies such as ether were also able to benefit from the recent price increase.
The price jump was triggered by the announcement of the payment service provider Paypal about a week ago to enable its customers to use crypto currencies like Bitcoin. Investors hope that the step of the commercial use of digital currencies will shift a thrust. The news follows other positively received news such as the establishment of a Bitcoin fund by the large investment company Fidelity in the summer.
The subject of crypto currencies is also given a boost by the fact that more and more central banks are thinking about their own digital currencies. However, the effect of such efforts on existing digital currencies is not clear. These are indeed receiving a boost in awareness through considerations such as the European Central Bank (ECB)’s plans to create a digital euro. However, central banks are critical of existing crypto currencies such as Bitcoin or Ether.