The Bitcoin revolution is something we cannot ignore, and the recent surge just shows that Bitcoin never disappoints. Bitcoin has grown massively in the past year regardless of the ups and downs. Today we will dig deeper into the growth of Bitcoin and the recent surge, as well as the reasons for the surge and what it can do for the Cryptocurrency world. Before we go any further check out our previous Bitcoin growth article to see just how much Bitcoin had grown at that time.
Bitcoin Revolution – Quick recap
Let’s not forget the moment the Bitcoin bubble popped as it reached a record high of above $19,000 in December 2017. After a historical high the following year 2018 the Bitcoin price went crashing down and fell to the $3,000 mark at the beginning of 2019.
Nevertheless, Bitcoin has been rising again since February thanks to several announcements from major companies starting new cryptocurrency projects. Will we have another record high as in 2017? Or better still, will Bitcoin stop at $20,000 this time? In May, Co-founder of Kinetic, the Blockchain investment company, projected that Bitcoin price would rally up to $30 000 by the end of 2019. Moreover, the price of Bitcoin has recovered more than 190% to date, of its value year, and most of the gains have been seen in the past three months.
Bitcoin Revolution – Bitcoin passes the $11 000 mark
Bitcoin price has had some powerful surges in the past week, surpassing the $10,000 resistance against the US dollar; with the BTC/USD pair breaking the $10 500 as well. Furthermore, Bitcoin reached a new 2019 high at about $11 293, which was exciting for investors before the price began to experience a downside correction. Analysts believe, and I agree that the sudden price was boosted by certain events that have taken place in the cryptocurrency industry most recently; we will get into those shortly. At the time of writing Bitcoin is trading at $10 912.
As the cryptocurrency market is in a correction phase due to the sharp growth, Bitcoin and almost all major altcoins were in the red diverging from the recent highs. From a technical point of view, after attempting to break above $11 000 has been going down with some indications of rising here and there; some may say the bulls aren’t ready to take this on yet.
Bitcoin Revolution – why the surge?
Bitcoin has grown massively over the past years, and its growth can be explained by its maturation as an asset, and this can be seen through the increase in adoption of the number one crypto. Therefore, the price surge of Bitcoin has been boosted by several factors this year. According to Jehan Chu, co-founder of Kinetic, the two major factors are growing consensus in the investment community that Bitcoin is the digital version of a genuine store of value; and secondly, the several crypto-related projects by major companies, with the launch of Facebook’s Libra crypto making the most significant impact.
Some other crypto projects that may have fueled the surge include; Fidelity’s cryptocurrency and trade implementation operation that took place in March, eBay, Nike, Starbucks, and so many more.
Bitcoin growth – predictions and thoughts.
In its revolution, Bitcoin has been setting new highs yearly, one can only wonder what this year hold for the cryptocurrency world. Analysts believe that the recent surge above $10,000 will probably bring about FOMO (fear of missing out); which will see Bitcoin reaching all-time highs quite easily.
With the sudden Bitcoin price movement; shareholders, as well as Bitcoin Bulls, have been indulging in the excitement of what could be in store for the cryptocurrency. The cryptocurrency market has immensely and positively changed, and it looks like there is a very bright future ahead. Nevertheless, Bitcoin Price can crash just as easily as it can rise and any ordinary person can deduce this; but experts have proven the possibility of both outcomes. However, the possibility of a crash has never slowed down the progression of BTC and bullish investors as well. And even though Bitcoin is trading down a bit; with the way things are looking, it is going to be a good year!