Bitcoin (BTC) climbs to $8,939 record high for 2019

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This weekend saw Bitcoin (BTC) climb past the $8,900 mark to achieve an all-time high for 2019 at $8,939 in the U.S market and on regulated exchanges such as Coinbase and Bitstamp.
Within in hours, the price per BTC spiked from $8,000 to $8,939 by more than 11.7% against the USD.
This dynamic movement of the price of BTC follows on its 100% year-to-date gain against the U.S dollar. As of May 27th, bitcoin is up by 136% year-to-date with the volume of BTC holding steady at around $1.6 billion.
This “real 10” volume, in a nutshell, is the real daily spot volume of bitcoin as evaluated from the volume on exchanges which have verifiable volume by Bitwise Asset Management, has managed to surge by seven times since March. This is a clear indication that there has been a spike in interest of bitcoin.
What has contributed to the recent Bitcoin rally?
As soon as the price of BTC surpassed the $6,400 resistance and surpassed the $7,000 mark, many analysts and experts stated that the number one crypto asset had entered a bull market once again.
Bitcoin’s price recovered above the $7,000 mark on May 11th, and since then, the price has surged by as much as $2,000, climbing by 27%.
Several factors could be behind the recovery of bitcoin. Firstly there is the block reward halving which is expected to happen in May 2020.
The rise from $3,000 to $7,000, which placed the digital asset in bull market territory raised momentum.
Bitcoin’s volume on regulated exchanges surging in the past few weeks also contributed to its recovery as it indicates a notable increase in institutional interest.
Lastly, volume on all other exchanges coupled with the Google Trends popularity for the keyword “bitcoin” has risen, which ultimately signals a resurgence of interest from investors.
Earlier this month, when BTC was trading around $7,000, analysts suggested that technical indicators suggest that the currency is overbought. However, if one examines BTC’s momentum in late 2017, despite overbought indicators back then, the price of the coin went on to reach its milestone at the time, jumping from $13,700 to $20,000.
Many investors who have expressed notable optimism towards bitcoin’s medium to long term performance, have argued that a pullback is likely and that a minor correction would benefit the market.
However, the crypto market has not displayed any signs of a forthcoming correction and if we examine that recent momentum of the market it could very well continue to climb without the expected pullback which many have argued is coming.
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Thursday January 01, 1970