Bitcoin's reputation as a hedge of inflation is on the rise among the market, prompting the price of the crypto currency to continue to soar. Ethereum, the second-largest crypto currency on the market, recorded an increase of more than 6% to $ 597 per unit on Monday.
The price of Ethereum has risen to the highest level since mid-2018, but it is still far from the highest price level of all time ever reached at $ 1,500 per unit. Ethereum prices have tripled since March following the outbreak of the Covid-19 outbreak. Meanwhile, among Ethereum's closest competitors, Ripple recorded a double price increase in November alone.
The price of Bitcoin (BTC) has doubled since the third halving last May. Based on records, BTC has jumped 110% since halving with a sharp rise from $ 8,566 on May 11, 2020 to $ 18,558.
Michael Sonnenshein, managing director of crypto funds stated that he believes Bitcoin is the next step in the evolution of money. Since the outbreak of the Covid-19 epidemic, people have preferred to shop online and this will likely attract more people to Crypto currencies.
Recently, Paypal began operations with its latest offering, crypto trading services by launching live crypto trading and payments for qualified crypto users in the United States (US).
PayPal acknowledges that the gradual passage of technology has led them to gradually implement crypto technology to a global level involving 26 million businesses.
