Bitcoin news today – Bitcoin has been surging higher for the past few days. Last week, the flagship cryptocurrency moved above $10k for the first time in 11 months and above $11k for the first time in 15 months. This was followed by a price correction that saw BTC settle around $10, 800 for a while. Towards the end of trading yesterday, the price of the cryptocurrency started to increase again surging above the $11,000 level. The market capitalization of the cryptocurrency moved above the $200 billion level and this is just the beginning. Why is the price of Bitcoin rising?
Bitcoin News Today – Bitcoin Price Prediction 2019 – Why Is Bitcoin Rising?
For the first time since January 2018, the market capitalization of Bitcoin has moved above the $200 billion level. This is not a surprise since the price of each token has moved from $4092 to $11,470 within a 90 day period. This was after it recovered from a low of $3404 during the first quarter of the year. At the time, the market capitalization was about $59 billion. On a year-to-date basis, the price of BTC is up by more than 200%. The only cryptocurrency that has performed better than this among the top five is Litecoin which is up by more than 400% from its crypto winter low.
According to Garrick Hileman, the price and market capitalization of Bitcoin is rising because more investors are developing an interest in the token. This is because of the upcoming Bitcoin halving that is scheduled to happen in 2020. Just like the Litecoin halving led to a 400% surge in the price of LTC, the Bitcoin halving is resulting in a similar surge. When the Bitcoin halving happens, the block reward will drop and this will lead to a dramatic reduction in supply. The analyst also noted that the entry of Facebook into the cryptocurrency market also gave Bitcoin more credibility and increased awareness. There is also panic caused by the US-China trade war. This has led to an increase in onshore premium for BTC and subsequently a rise in price.
Apart from the reasons listed above, it is important to note that the United States Federal Reserve Bank announced that it would be cutting rates in July and throughout the rest of the year in a bid to stabilize the economy. This was around the same time that the price of BTC surged above the $10,000 level last week. One of the most popular Bitcoin bulls, Tom Lee, said that crossing the psychological resistance at $10,000 will lead to higher highs. He also acknowledged that the weaker dollar trade has contributed to the surge in price. In his words;
“I think bitcoin is regaining some legitimacy from macro and fx traders as it has staged a recovery to levels that prove ‘bitcoin is not dead.”
Bitcoin News Today – Bitcoin Price Prediction – Current Price Of Bitcoin – How High Will Bitcoin Go?
At the time of writing, the price of Bitcoin was $11,400.75. This means that it is up by 4.23% against the USD. The trading volume over a 24 hour period is $22,681,142,482 and the market capitalization is $202,708,358,263. Right now, there is no way to determine how high Bitcoin can go. However, there is a strong chance that it will reach its all-time high eventually. This bull run only confirms that Bitcoin has a place in the future. No, Bitcoin is the future.
What do you think about the Bitcoin price prediction 2019 in our Bitcoin news today? Will the flagship cryptocurrency retest its all-time high? Share your thoughts in the comment section below.