At its lowest, the price reached $9,885 last Saturday. However, during the night to Monday, it soared sharply in a short period of time – from $9,907 to $10,650, according to numbers from Bitstamp.
That is an increase of around 7.5 percent.
Fear on the stock markets
Meanwhile, the fear surrounding the world’s stock markets continues, with sharp price declines on the world’s leading stock exchanges following the escalation in the US-China trade conflict during the last couple of days.
Many investors are now looking for alternative investment opportunities, such as fixed-interest income or gold. Recently, the gold price soared to its highest price level since April 2013.
At the same time, many are now asking whether bitcoin and cryptocurrencies can serve as a good alternative for investments.
“Now that the world’s stock exchanges are falling again, this is a chance for bitcoin to prove itself as a safe haven. For traditional safe havens such as gold and silver, we have seen a steady upward trend since May, but the sharp increases we saw for bitcoin at the beginning of the year appear to have stopped”, says crypto expert Totte Löfström to Trijo News.
Opportunity to prove itself
According to Totte Löfström, the current situation with the world’s stock markets is a good opportunity for bitcoin to prove itself.
“A manifestation of strength is that the bitcoin price seems to have found a bottom in the area around $9,500 and $10,000, so if the stock markets continue to fall, bitcoin has an excellent opportunity to prove itself as a safe haven”, says Totte Löfström.
Bitcoin currently accounts for 68.5 percent of the total market cap of all cryptocurrencies, according to Coinmarketcap.