On Thursday, October 22nd, the global cryptocurrency market showed record growth.

During trading, the price of bitcoin grew by more than 12% and for the first time since June 2019 exceeded the $ 13.18 thousand mark.

Other digital assets have shown similar dynamics.

For example, Ethereum grew in price by 9% (up to $ 413), bitcoin cash - by 10% (up to $ 268), and Ripple - by 5% (up to $ 0.26).

At the same time, the total capitalization of the electronic money market increased by almost 8% - to $ 396 billion. Such data are provided by the Coinmarketcap portal.

According to experts, market players have reacted positively to the message of the International payment system PayPal.

The day before, the company announced the launch of a service for the sale, storage and purchase of cryptocurrencies.

At the first stage, clients will have the opportunity to trade digital assets such as bitcoin, ethereum, bitcoin cash, and litecoin directly through an electronic wallet.

The service is expected to become available to US PayPal account holders in the coming weeks.

The company's customers from a number of other countries will start using the service only in the first half of 2021 and will be able to pay with electronic coins at 26 million outlets.

“PayPal's announcement has been a powerful positive for the entire cryptocurrency market.

This led to the growth of bitcoin quotes and a number of altcoins.

Meanwhile, the event will also have a long-term positive impact on the industry, as it signaled the adoption of cryptocurrencies in the world of traditional finance, ”explained Alexey Kiriyenko, managing partner of EXANTE in a conversation with RT.

In addition, experts associate the observed rise in the price of cryptocurrencies with the actions of international business.

So, recently, large technology companies have become more active in investing money in bitcoins.

Yuri Mazur, head of the data analysis department of CEX.IO Broker, told RT about this.

“We are talking, for example, about the American company MicroStrategy listed on the NASDAQ stock exchange, which bought 38.25 thousand bitcoins in August and September.

It is also worth noting the British company Square, which is listed on the London Stock Exchange, which bought more than 4.7 thousand bitcoins in September, ”Mazur said.

According to the expert, the next psychological mark for the bitcoin price will be $ 13,949 per coin.

If this indicator is overcome, the rate of the main cryptocurrency will continue to grow and in 2021 it will be able to exceed 18 thousand, Yuri Mazur is sure.

The head of the analytical department of AMarkets Artem Deev adheres to a similar assessment.

“Judging by the fact that more and more major organizations are turning to the crypto market, the purchase of coins by institutional investors is becoming a mass phenomenon.

Under these conditions, the price of bitcoin can grow up to $ 20 thousand, "Deev emphasized.

According to Aleksey Kiriyenko, in 2021 the dynamics of bitcoin will depend on what other payment systems will follow PayPal and start supporting cryptocurrencies.

At the same time, in the near future, the results of the presidential elections in the United States may become one of the key drivers for the value of an electronic coin.

“The markets are now extremely sensitive to the American elections.

It can be assumed that the victory of Donald Trump will stimulate the growth of stock markets and other risky assets.

If Biden wins, it is likely that a significant package of financial assistance to the economy will be allocated, which will lead to an increase in the dollar supply and, as a result, increased interest in bitcoin.

Most likely, any outcome of the elections will play into the hands of a digital asset, ”Kiriyenko explained.

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Recall that at the end of July, Vladimir Putin signed the law on the regulation of digital financial assets (DFA) in Russia.

The document will make it possible to conduct transactions with CFA from 2021, but at the same time it will prohibit the use of cryptocurrencies as a means of payment in the country.

This decision is largely due to the desire of the authorities to maintain the stability of the financial system and minimize the risks of fraudulent transactions.

Anatoly Aksakov, chairman of the State Duma committee on the financial market, spoke about this earlier in an interview with RT.

“Cryptocurrency is a digital code that can be used as a method of payment for goods in world practice, but not in Russia.

The recognition of digital coins as an official means of payment on a par with the ruble means the destruction of the financial system, which ensures the stable functioning of the entire economy.

Therefore, our plans do not yet include the legalization of cryptocurrencies as a payment alternative to the ruble, "Aksakov emphasized.

Meanwhile, digital assets in Russia can be used to invest and store money.

The initiative is expected to have a positive impact on the work of a number of companies and entrepreneurs.

“Business can now attract investments from foreign partners, as well as sell their goods on the blockchain.

At the same time, the blockchain technology, due to its technical features, makes it possible to bypass the sanctions restrictions, which contributes to the development of trade ties, ”Anatoly Aksakov emphasized.