The price of Bitcoin surged and climbed over the first half of the year and they have broken past the $10,000 mark. This rise in the price of Bitcoin comes after the cryptocurrency fell to a low of $3,100 in December 2018. With the cryptocurrency having reached $10,801 according to figures, the digital currency has risen by 230% to reach its highest trading price in over 15 months.
News about the price of Bitcoin rising is likely to increase interest around Bitcoin trading and it would not be much of a surprise to see more people take a firm interest in the cryptocurrency again. With the anticipation of a continual surge, there might be more bids to buy Bitcoin with the hopes that the cryptocurrency will continue to grow and possibly reach its historical high around the $20,000 point.
Cryptocurrency trading is becoming a stronger industry across the world and the rise of Bitcoin prices is reflective of a market that is growing in size and confidence. There has been a lot of speculation and confusion around cryptocurrencies over the years and this affected the potential growth of cryptocurrencies such as Bitcoin. As the blockchain industry has become more established, there is more clarity regarding what cryptocurrencies and the industry is being viewed in a more positive light. This has helped Bitcoin prices rise again and surpass a crucial $10,000 mark and even threaten to surge past the $11,000 point.
The rise of the price of Bitcoin can also have been influenced by the news around Facebook and its intention to create its own cryptocurrency. Facebook announced the project earlier this week with a whitepaper that describes the project in detail. The news of Facebook’s cryptocurrency generated a lot of interest around the world, with the news being a major talking point in major news outlets and on social media. Having a company as big as Facebook makes a move into the cryptocurrency gives legitimacy to the industry as a whole and this may be a factor that pushed Bitcoin prices past the $10,000 mark.
Facebook is the latest big company to venture into cryptocurrency but there are other major players in the financial industry that have also made way into blockchain and cryptocurrency. The Intercontinental Exchange is one such major company that made a move into cryptocurrency with their announcement of a blockchain subsidiary named Bakkt. Bitcoin, being somewhat of a pioneer in the industry and a name that many will associate with cryptocurrency, has predictably benefited from the positive perception that has been generated by the ventures of these big name brands into cryptocurrency.
The Bottom Line
Bitcoin has become stronger over the last few months and it has moved past the $10,000 mark. Overall positive perception around cryptocurrencies and the interest of big name brands in the industry have helped Bitcoin grow and this is overall beneficial to the cryptocurrency industry as a whole.