Bitcoin ascended the mark of $11,000 this Monday breaking the record of 15 month’s high. It is now up more than 170% this year. This surge of bitcoin has even helped to lift the prices of other digital coins like ethereum.
Facts that you need to know
- According to Coindesk’s Bitcoin Price Index, the digital currency hit an intraday high of $11,307.69 this Monday around 5.30 a.m. HKT.
- This is the highest mark since March 5, 2018.
- However, Bitcoin scraped those gains and was trading around $10,624.10 at 10.05 a.m. HKT, Monday.
Other significant records
BREAKING: Bitcoin Price Tops $10K for First Time Since 2018 https://t.co/EEGrnlzWKk
— CoinDesk (@coindesk) June 21, 2019
This surge in Bitcoin made the investors remind when Bitcoin rose to a mark of $19000 and then fall steeply to a loss of more than 20% in December 2017. Bitcoin was trading at a very low price of $3000 at the beginning of 2019. But, this sudden surge comes at the price comes as a great achievement.
Reasons for this swift surge
According to experts, this price surge is due to the following main factors:
- Due to the accord of worldwide investors about bitcoin being the treasure of value of the digital age.
- The news of the launch of Facebook’s cryptocurrency Libra also played a significant role in the sudden boost of bitcoin.
- Facebook’s Libra compelled investors to take cryptocurrency seriously.
What is a Bitcoin(₿)?
The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%.
Should history repeat, that would put price at $500k at the end of next cycle.
Sounds ridiculous, but so did $20k… $BTC #Bitcoin pic.twitter.com/5X9VKfg100
— HornHairs 🌊 (@CryptoHornHairs) June 21, 2019
For those who aren’t still aware of what a bitcoin is. It is a cryptocurrency, a form of electronic cash which is symbolised by ₿. It is a digital currency which does not have any centralised bank or administrator and works completely on the underlying technology of Blockchain. This digital coin can be transferred from user to user without the help of any intermediary.
For more updates on cryptocurrency, keep watching this space!
