Bitcoin price has set a new record for 2019, rising to its highest since May 2018 and nearly hitting the $9,000 mark. The leading cryptocurrency reached as high as $8,905 earlier today before tapering off slightly. Nonetheless, it is still trading at its highest in almost a year.
This now means that the cryptocurrency has risen more than 130% this year alone, rising from under $4000 at the beginning of the year to its current trading price of $8,822 (as at the time of writing). However, it is still trading more than 50% below its highest level of $20,000 in late 2017.
According CoinMarketCap, the Bitcoin price rally was also accompanied by a large uptick in the 24-hour trading volume, as an increase of $10.3 billion was added overall.
Interestingly, Bitcoin was not the only currency which experienced this price surge. Other prominent cryptocurrencies also had a jump. Ethereum (ETH), 2nd largest digital token, rose about 5.7% to $266.61, Litecoin added 8.3% to reach $111.09, Bitcoin cash (BCH) jumped 6.3% to $432.09 and Ripple’s XRP gained 5.7% to reach $0.4087.
Why is Bitcoin Price Rising Again?
As usual, nobody can say for certain why bitcoin is rising again after its massive crash. However, several analysts have attributed this rise to a surge in the number of companies launching products related to cryptocurrencies.
This is said to be a strong showing for prospective investors that bitcoin is a worthy investment even though the cryptocurrency is typically being regarded as risky due to its volatility. It also gives bitcoin backers a reason not to unload their cryptocurrencies.
With these positive events, many experts remain optimistic that there is a possible chance of it surpassing its previous high in the coming half of the year. Now, all eyes are set on bitcoin hitting a new target of $10,000 which it last saw in April 2018.
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