Bitcoin Price Reaches a 13-Month High
Bitcoin has finally crossed the $9,000 threshold after reaching $9,300 on Sunday. The price of bitcoin fell sharply in May while the market suffered from so-called “bull exhaustion”, but it quickly climbed back up. BTC/USD peaked at $9381 at 05:55 UTC.
BTC was last traded at $9,250, representing 6.4% gains on the day. The cryptocurrency is up by 8% on a month-to-date basis.
Once the high hit, people all over the world started trading—more than $19 billion worth of bitcoin has been exchanged, according to data. The digital currency is up by 22% in the last 30 days, and up by 142% since the beginning of the year. BTC’s all-time high reached $19,000 back in 2017.
Investors are applying bullish strategies with bitcoin due to Facebook’s upcoming launch of a whole new cryptocurrency. The new coin will reportedly allow users to make purchases in the Facebook store, and there are over one-hundred companies backing Facebook’s new blockchain.
Companies seem to be eager to invest in cryptocurrencies, and Facebook’s involvement in the crypto space is encouraging them to take greater strides. The industry has long been plagued by talk of illegal activity and regulatory scrutiny, but now that tech giants are behind the idea, the practice is given an air of legitimacy. Facebook’s move is likely to increase their engagement and revenue, but it’s also possible that it will encourage other people to pay more attention to virtual currencies.
For example, litecoin is up 2.3 percent on a 24-hour basis. Rthereum’s ether token, XRP and bitcoin cash are up 4%, and EOS is the best performing cryptocurrency of the past 24 hours with 7.4% gains. There’s a possibility that BTC will rise toward the next major resistance at $10,000. Some indicators include the bitcoin’s 50- and 100-candle moving averages on the three-day chart appearing set to generate a bullish crossover. If anything, this is a good sign of bull market momentum. Similar circumstances unraveled in 2015, when the same cross marked the onset of a long-term bull market.
Another factor which could have contributed to the increased value of BTC is Binance’s announcement that it would stop serving its US customers in September. Binance Coin is a popular stablecoin that is often used for trading in other currencies, and it seems that its selloff correlates with the rise of BTC’s price.
Virtual currencies are entering a new era of success, and all that’s left is to see how quickly they become accepted as a part of everyday life.
Julia A. is a writer at SmallBizGenius.net. With experience in both finance and marketing industries, she enjoys staying up to date with the current economic affairs and writing opinion pieces on the state of small businesses in America. As an avid reader, she spends most of her time poring over history books, fantasy novels, and old classics. Tech, finance, and marketing are her passions, and she’s a frequent contributor at various small business blogs.
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