Bitcoin is enjoying its upsurge in the market and clearly, it is holding strong on to its bullish movement in the cryptocurrency market. The price of the passed the value of $7,000 yesterday and today it has crossed the resistance level of $8,000. The experts and crypto analyst are predicting that if Bitcoin’s price remains strongly bullish, then it could reach up to $10,000.
Current Status of the Bitcoin’s Price: Currently at the time of writing the value of the Bitcoin is trading at $8,037.32 USD, with the market capitalization of $142,256,563,305 USD and the 24-hour volume of the currency is $31,591,329,678 USD. The circulating supply of the Bitcoin is 17,699,500 BTC and max supply is 21,000,000 BTC. Bitcoin is experiencing an increase of 14.03% in its price.
The value of the Bitcoin is strongly bullish and it is building the parabolic phase in the cryptocurrency market. This sudden increase of the bitcoin’s value also follows with the attention of the technical analysts and experts concerning the validation of the over-bought situations by the currency’s technical signal.
The Chief Technical Officer of Bitfinex, Paolo Ardoino gave a statement announcing the news that the crypto exchange has gained $1 billion from the private firms and biggest names in the industry. He stated,
“Bitfinex is able to raise $1 billion USDT in 10 days, in a private sale. Private companies, giants in our industry and outside, made investments for >100 million each. A legion of inside and outside users made investments for >1 million each.”
The experts are predicting that the next mark the Bitcoin’s value could reach is $10,000 in the medium period. If the bitcoin will stay in the bullish trend, then it could really achieve the mark of $10K. As per the trader/investor or advisor Josh Rager, the fear of missing out (FOMO) is real.
“The FOMO is real. Bitcoin is currently on a tear & the next target of serious interest is $8,200-plus. High interest remains near $6,400 if BTC decides to cool off & pullback. My dream area to buy would be $5,500 to $5,700 but there’s no promise BTC will hit that low again.”
$BTC – The FOMO is real
Bitcoin is currently on a tear & the next target of serious interest is $8200+
High interest remains near $6400 if BTC decides to cool off & pullback
— Josh Rager ? (@Josh_Rager) May 13, 2019
The traders or experts believe that the Bitcoin achieved this mark of $8,000 USD after the two most important movements happened in the market: one by the Microsoft Company and the second one by the Bakkt. The CEO of Bakkt, Kelly Loefller declared that the Bitcoin futures agreement is going to introduce in the market in the month of July with the Federal regulated exchanges. The second important news comes from Microsoft; they declared the introduction of a decentralized project named “Ion” that will function on Bitcoin blockchain.
Moreover, Bakkt would be introducing two Bitcoin futures, ‘Regular settled Bitcoin futures’ and ‘Monthly Bitcoin futures’. Bakkt’s declaration follows,
“Today, we’re pleased to update you on the launch of bitcoin futures contracts developed by Bakkt in collaboration with ICE Futures U.S. and ICE Clear U.S. […] User acceptance testing for bitcoin futures custody and trading planned for July.”
Today, we’re pleased to update you on the launch of bitcoin futures contracts developed by Bakkt in collaboration with ICE Futures U.S. and ICE Clear U.S. https://t.co/8G3YcFbPl2
— Bakkt (@Bakkt) May 13, 2019
Another virtual currency investment firms in the category of Digital Currency Group’s Grayscale have also crossed a billion dollars in the volumes, which is a result of the upward movement of the bitcoin’s value.
Today, the CEO and the founder of the Digital Currency Group, Barry Silbert stated that money under the functioning of the Grayscale Bitcoin Investment Trust (GBTC), an investment functioned which is managed by Grayscale hit the value of $1.7 billion.
— Barry Silbert (@barrysilbert) May 13, 2019
Other important cryptocurrencies are also experiencing a surge in the values too. Cryptocurrencies such as Ethereum, Ripple, Bitcoin Cash and Litecoin have gained an increase of 7% to 22% in the values in the market.
Bitcoin vs. the S&P 500 this year ? pic.twitter.com/B2e72E4HC9
— CNBC's Fast Money (@CNBCFastMoney) May 13, 2019