Cryptocurrency advance and challenges seen in the graph
Cryptocurrencies such as Bitcoin, Ether and Dogecoin have skyrocketed to highs that most investors didn’t expect a year ago. Even the most optimistic traders question this ferocious momentum. The driving force behind crypto asset fever is similar to the sudden surge in GameStop stocks earlier this year. Part of the support money for the vulnerable, which was distributed as part of the stimulus package, also flowed into the accounts of securities companies that offer free stock trading. Meanwhile, the global pandemic of the new coronavirus has caused people to stay at home and spend more time in front of their computer screens.
Investors say that some securities companies may have temporarily restricted stock trading, and some day traders gathering on the online bulletin board Reddit may have moved to crypto assets. The rise was spurred by the support of digital currencies such as Bitcoin by major Tesla’s Elon Musk and the listing of the cryptocurrency exchange Coinbase Global on the Nasdaq market.