The bitcoin has chained its second biggest ever rise if we stick to what happened in the last thirty days. On July 20 it was trading at 25,288 euros, for the 41,883 to which it moved at the end of August, an ascent of 16,595 euros.
The most notable rise in bitcoin occurred in the period between January 21, 2021 and February 21 of the same year, when it went from trading at 25,359 euros to 47,409 euros, an increase of 21,870 euros. It is the biggest bitcoin rise in a 30-day period.
Another of the historical increases occurred in December 2020. On the 12th of that month a unit of the most famous cryptocurrency was paid at 15,531 euros, an amount that rose to 27,883 euros on January 12, 2021, which represents an increase of 12,352 euros.
An escalation, that of bitcoin, which continues unstoppable towards the barrier of 50,000 euros, as we have analyzed in Vozpópuli. At the time this information is written bitcoin is trading at almost 48,000 euros, one of the highest figures on record.
The cryptocurrency market is characterized by extremely high volatility
Ethereum, in the footsteps of bitcoin
The second virtual currency by market volume, Ethereum, has also chained his second best all-time series in 30 days. On July 20, its unit value was 1,516 euros. On August 20, a unit of the cryptocurrency was exchanged for 2,809 euros. Today its value is 3,180 euros.
Several media outlets agree that the rise of the two main cryptocurrencies has a reason behind which it is found. Amazon. The North American firm could be exploring the possibility of launching its own virtual currency, something that has leveraged and encouraged investors to bet on the world of cryptocurrencies.
At the end of June and the beginning of July, the virtual currency market suffered a strong setback, after the announcement of the Chinese government to ban this type of digital assets. The main virtual currencies plummeted in price.
The Chinese dictatorship decided prohibit banks from trading cryptocurrencies and practically in parallel the crypto market was established. In just 24 hours bitcoin fell 21%, Ethereim 31%, Dogecoin 43% and Shiba 47%.
Volatility and Elon Musk
The cryptocurrency market is characterized by extremely high volatility. The changes in the value of virtual currencies are fast and strong. These are assets that are very sensitive to speculation and rumors.
This is the case of Elon Musk and the Dodgecoin, a ‘meme’ or parody coin whose growth skyrocketed shortly after the billionaire and Tesla founder made several posts about it. The North American referenced Dodgecoin on Twitter and caused a 7% growth in the cryptocurrency.
Specifically, Musk published on his Twitter profile a meme of the actor Marlon Brando in the mythical movie ‘The Godfather’. “Free the dog!” He wrote in reference to Dodgecoin, which uses the image of a dog in its design. Later he made reference to the nursery rhyme ‘Baby Shark Dance’ but making references to dogs.
There were also comments against bitcoin at the time by Elon Musk, who later assured that he would allow the payment of Tesla vehicles with this cryptocurrency, an assertion that he retracted shortly after. This generated strong rises and falls in its value.
The price of Dodgecoin is today $ 0.27. Until April it moved around $ 0.05, but in April it began a strong rise, coinciding as we say with Elon Musk’s tweets, which placed it at $ 0.68 in May. From then until now it has been declining in value, although it has also experienced some significant increase during that decline.