After a few days of dormancy, the price of Bitcoin jumped again

The cryptocurrency market has seen a strong rise in prices in the last 24 hours.

The market capitalization has climbed 4.3 percent and currently stands at $3.01 trillion.

Bitcoin, the most famous cryptocurrency in the world, has increased its value by 6.6 percent in the last 24 hours and is currently traded at a price of 65,990 dollars.

Ethereum increased its value by 4% in the same period and is currently traded at a price of 4,741 dollars.

The bank predicts a huge jump in the price of Bitcoin

The largest American bank, JPMorgan, predicts that Bitcoin could jump to 146,000 dollars in the long run, if volatility subsides and institutions start to prefer Bitcoin more than gold in their portfolios.

That is approximately 130 percent more than the current price of Bitcoin, Business Insider writes.

JP Morgan also believes that Bitcoin, which is also a rare product, is increasingly gaining gold for investors’ attention as protection against inflation, ie as something that will grow even when inflation destroys the value of other assets.

The re-emergence of inflation concerns among investors during September and October 2021 seems to have renewed interest in using Bitcoin as protection against inflation

said JP Morgan strategist Nikolaos Panigirtzoglou.

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