Bitcoin Price Hits $8,900, its Highest Figure Since May 2018

Avatar
The University of Johannesburg is using blockchain for certificate issuance

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.

Bitcoin Price Hits $8,900, its Highest Rate Since May 2018
Notable Cryptocurrencies Ripple, Bitcoin, Etherum and Litecoin all witnessed a surge earlier today.
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.

For example, social media giant, Facebook is said to be building its own cryptocurrency, while AT&T Inc. said last week it will permit customers to pay bills with Bitcoin or Bitcoin cash. 

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.


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!