Bitcoin has continued its slow yet steady rise to higher price levels in 2019, following months of price dip from 2018. Its latest feat is breaking the $6000 price mark after nearly six months.
Few weeks after breaking, the $5000 resistance level, Bitcoin has risen to its highest rally since November 2018 to trade at $6774, up by 7.45 percent on the 24-hour chart and close to $7K at the time of this publication. At this current price Bitcoin is up 100% this year, a far cry off other assets and investment instruments.
In other developments, Bitcoin’s dominance rose to 58.1% over other cryptocurrencies, its highest point since Sept 13, 2018 based on data from CoinMarketCap. Also the total cryptocurrency market capitalization is above $200 billion.
Other cryptos like ETH, EOS and ADA also posted gains, however it is yet to be seen if other altcoins will continue to see same uptrend along with BTC or will decouple to dip in current prices.
Major Headlines and Possible Bull Factors
As in most market scenarios, here are a few announcements or events which could have aided this positive run:
- Increasing interest in Bitcoin and cryptocurrencies from investment institutions and big companies. Notably, Fidelity investments (a $7 trillion assets management company) announced it will now offer and allow its customers (mainly institutions) to buy and sell cryptocurrencies on its platform in a few weeks.
- Also, this week Facebook announced a reversal of its bitcoin/cryptocurrency ad ban on its platform; a move which further increased rumours of a possible launch of its own cryptocurrency (Facecoin).
Bitcoin’s Independence Over FUD
FUD – a cryptocurrency acronym which refers to a period of Fear, Uncertainty and Doubt due to negative news around the sector, which could lead to a fall in coin prices.
Despite Tuesday’s loss of 7,000 Bitcoins ($40 million) by Binance – one of the world’s largest cryptocurrency exchange platform to hackers; BTC has continued to show strong signs of immunity to FUD around the market as it has maintained a slow and steady rise despite a few negative news in recent months.
Are we in for the next Bull Run? What are your thoughts on this?