The Bloomberg report says that the fundamentals of the cryptocurrency market are improving.
The Blomberg Galaxy Aggregate Crypto Index has risen to its highest level since June 2019. This is a positive signal for traders, according to the agency's analysts.
Last Monday, August 17, Bitcoin rose more than 5% to $12,473 on some trading platforms, marking the cryptocurrency's biggest gain since July 2019.
</p>Bloomberg experts linked the rise in the value of BTC andother cryptocurrencies as the situation on the American stock market improves. The S&P 500 index is heading to new highs as investor interest in risky assets increases.
This trend is a direct result of ultra-low rates from central banks. Vice President of METACO Seamus Donoghue said:
«Inflation is still low, but realprofitability in all directions is negative. Given its limited supply and growing institutional acceptance, Bitcoin is likely to benefit from investors' efforts to mitigate upcoming inflation risks.
Today BTC is trading at $ 11,748, and the cryptocurrency has risen in price by about 70% since December 2019. After the March collapse, the coin was able to jump by more than 100%.
Earlier, Bloomberg analysts confirmed their forecast that BTC could reach $20,000 by the end of this year.
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