Since the beginning of 2019, Bitcoin price has been on the rise, gaining over 170%. On Monday, BTC price surged past the $11,000 mark, a new high since March 5, 2018. Demand for the coin has been reinvigorated by Facebook’s move to have its own digital currency.
Bitcoin Price Up 13% from Friday to Over $11,300
According to Coindesk’s Bitcoin Price Index, Bitcoin price hit an intraday high at 5.30 am HK/SIN on Monday reaching a high of $11,307.69, which was almost a 13% gain from last week Friday. This is the highest level the coin has reached in 15 months, regaining almost half of the increase that was witnessed in the 2018 bubble burst.
It seems like investors are shrugging off the memories of the burst after the 2018 bubble when the coin hit the $19,000 mark in December 2017. In the course of 2018, Bitcoin price declined until the start of this year where it recorded a record low of $3,000. However, since February, the price has been surging high with growing crypto sentiment as major firms announce cryptocurrency projects.
Since April, Bitcoin price has witnessed accelerated growth, and the surge is being associated with the anticipated Bitcoin halving in August and in 2020, and lesser concerns regarding fraud as well as a change in perception of how the coin is viewed.
Growing Mainstream Adoption Boosting Bitcoin Price
eToro senior market analyst Matt Greenspan says that the market has greatly matured since the last time Bitcoin price crossed the $10,000 mark. He adds that the current surge is justified considering the current levels of adoption.
Currently, there is renewed mainstream adoption of cryptocurrency compared to last year, with Facebook’s Libra being one of the latest cryptocurrency projects. Facebook has partnered with Visa Inc. and Uber Technologies Inc. among other partners to build a cryptocurrency system. Equally, in March, Fidelity Investment rolled out a digital currency trade and custody execution operation.
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