Bitcoin, which was at its lowest at the start of this year, was getting its act together this month, receives a sudden price increase in a matter of minutes. The largest cryptocurrency which was not looking the most dominant one this year will have ambitious projections after today’s spike.
Bitcoin – An Unusual Rise Recipient
With just touching the US $8000 mark in the month of May and price fluctuations between a range of $7000-8000, saw a rise by 9% and currently sits at $8700 at the time of writing this article. It all began around the start of the day at midnight of May 27, where it was valued just below $8000, and went from that to $8800 in a couple of hours.
Crypto Pundits would certainly be surprised by this change in the pattern of bitcoin price as it was showing a bearish sentiment in the past months. But, which such increase it has shown that a bull run is possible. It was as low as $6000 earlier this month but has shown strong signs of positive growth.
Bitcoin – A Year in Retrospect
Bitcoin had one of the lowest openings this year with $3800-$4000. The market cap was going down by the day and the daily volume was decreasing as well as the investors were pulling out money. There is always an underlying fear in the mind of investors and Pundits alike that bitcoin will go down for good due to it not being a particularly fit face of the Crypto World and the number of controversies linked with it. But, bitcoin showed the world once again that it won’t go down without a fight as it had a couple of bull runs this year.
The recent spike by 9% has certainly shown that Bitcoin still is capable of going to its previous monumental highs that it had experienced earlier on its lifespan. The daily volume has increased by 5 times now since the start of the year shows the investor base still having trust in seeing Bitcoin as a profitable investment.
With having year high prices now, bitcoin can certainly be a witness to more positive spikes this year. If bitcoin reaches $9000 in its positive run that it is experiencing now, touching $10,000 again would be a possible prospect. Mark Keiser, the person behind Keiser Report says that Bitcoin price can go up to $28,000 once it reaches $10,000. Bitcoin enthusiasts would be certainly be looking out for such opportunities like that.