Earlier today 16/06/19, Bitcoin crossed the $9000 threshold again, to trade at $9,300 and set a new year high (2019).
The new price level is bitcoin’s highest this year, from a bottom of $3200 at the end of 2018. At this current price, the number one cryptocurrency has increased by 7% in 24 hours and 22% over the past 30 days.
Aside price action factors, this uptrend could be attributed to a few events from the past week. First is positive news on Facebook’s cryptocurrency project which suggests that about three top companies (Visa, Uber and PayPal) are backing the project.
On the other hand, popular crypto trading platform Binance’s announcement to withdraw US trading services till September, has seen most altcoins dip as investors and alt holders sell off to move their coins to Bitcoin (BTC) in a classic FUD response. This flow of new money into BTC and a considerable increase in its volume could be leading the short rally.
It will be recalled that BTC went past $9000 for the first time this year on May 30, before a sharp drop by $500 in minutes to trade at $8,573. However, following this current rally BTC is trading at $9,072 at the time of this publication.
Other top tier cryptos; Ethereum, XRP, BCH, EOS also see slight greens.
On a general note, investors and analysts still remain bullish on Bitcoin, with interesting medium and long term predictions.
Is the Bull Run coming? What are your price predictions for Bitcon (BTC) by year end?