Finally, Bitcoin broke above its upper price limit for the first time in 2019. The cryptocurrency is following a boost in prices over the last 2 days, it has surged above its upper band limit, which makes out growing trends in the marketplace. The shoot up in price indicates a sharp rise could be on the prospect as the coin continues to do business above that limit.
The price of bitcoin is closing in on its 2019 high, after shooting up by $500 in just 10 minutes. The most recent flow in price on Monday follows several months of noteworthy gains for the world’s biggest cryptocurrency.
Christel Quek, a chief commercial officer of blockchain firm Bolt, told The Independent that -“Bitcoin has reacted much differently in its revival phase this year, after waking up from the crypto freeze of 2018,” Quek said.
The present price of bitcoin is $11,800 (£9,400) that is the highest price for this year and remains close to an all-time high of close to $20,000 that it reached in the year 2017.
The well-known unstable digital currency price has been boosted in current times by news that the social giant Facebook is planning to launch its cryptocurrency next year. The interest from the tech giant towards the Cryptocurrency has pushed forward much-needed regulation in the room, which should add authenticity to bitcoin and the connections it is traded on.
“In contrast, 2019 has seen a more mature movement, while the revival has also been a natural reaction to a changing crypto-friendly atmosphere in mainstream finance,” Ms. Quek said. “For instance, Facebook and JP Morgan’s entry into space was a major endorsement to the idea of digital currencies,” Quek added.
For now, according to Bitstamp data the top cryptocurrency market value has been jumped from $11,400 to $11,916 in just 10 minutes. With the boost up in value by $500 spike, the bitcoin has finally put a stop to aimless trading seen over the weekend, in which the cryptocurrency was limited to a narrowing price rate of $11,000.
In addition to this, the price breakout occurred 3 days after bitcoin’s mix up rate rose to 74.5 million tera-hashes per second. This boost up in price represents a more than 100% rise in the value of the leading cryptocurrency this year.
According to Wall Street trader and journalist Max Keiser, the rise in the rate indicates a clear future of the Bitcoin market in the upcoming years. If true, Bitcoin could level up the resistance rate at $12,061 and soon return to fresh highs.
On the other hand, though, many other renowned analysts are expecting an upbeat move to current highs based on the current rate. In a nutshell, the technical charts do specify the scope for a break above of rates up to $12,061.