Platform shows historical record of wrong price for cryptomoeda, which has not yet reached even R$ 90 thousand in the market.
The CoinMarketCap platform made a huge mess with the price of Bitcoin (BTC) in reais. According to the website, cryptomoeda would have reached R$ 108,000 as a historical record in Brazil by the end of 2017.
However, at that time the price of Crypto Genius did not exceed R$ 70 thousand in the Brazilian market, this being the record price for cryptomoeda in reais until recently.
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Thus, with the confusion of CoinMarketCap the price of Bitcoin shows an inaccurate record value, which in fact, cryptomeda never reached in Brazil. According to the numbers presented in the platform, the confusion may have happened due to the dollar price.
Bitcoin in CoinMarketCap
CoinMarketCap is considered one of the most famous sites in the world that has a price ranking for thousands of cryptomoedas, besides Bitcoin. Thus, with the compilation of data about the market, the platform believes that BTC was worth almost R$ 108 thousand in Brazil.
According to the website, on December 17, 2017 the price of Bitcoin would have reached R$ 107,898, being this the „highest value“ for cryptomoeda in Brazilian reais. Considering the quotation presented by the platform, it is as if the dollar was worth R$ 5.37 three years ago, when the price of Bitcoin reached around US$ 20,000.
However, at that time the dollar’s quotation was well below the value currently practiced in the market, causing cryptomoeda not to exceed approximately US$ 70 thousand in Brazil.
In Brazil, the price of Bitcoin broke a historical record in 2017 and could not exceed this value until then, for CoinMarketCap. Thus, the platform believes that cryptomeda was worth almost R$ 108 thousand in the country, with the dollar at R$ 5.37 at the end of that year.
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But, facing the quotation for the dollar in December 2017 in relation to the Brazilian Real, the American currency was worth only $ 3.31 in the market, and not $ 5.37 as suggested by CoinMarketCap.
So, considering the real value of the dollar at that moment, the Bitcoin price had a record of nearly $ 70 thousand which was only recently beaten, with the dollar’s high in 2020.
In the last weeks Bitcoin price has hit consecutive records just after breaking the R$ 70 thousand barrier on October 21st 2020, with the dollar being traded for R$ 5,60 in the market.
It was on this day that cryptomoeda left behind the maximum value reached at the end of 2017, contrary to what CoinMarketCap shows. Thus, since the end of October the price of Bitcoin continues to rise in Brazil, reaching over R$ 85 thousand on November 5, 2020.
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Thus, with the retreat of the dollar in recent days due to the presidential elections in Brazil, the price of Bitcoin may continue to rise if the U.S. fiduciary currency shows signs of recovery.
For now, the price of Bitcoin would need to rise 30% to break the record presented by the platform, considering this Monday’s quotation (9) at R$ 83,039. That is, it would be necessary more than R$ 25 thousand increase in the quotation for cryptomoeda to reach the record value presented by CoinMarketCap.