Bitcoin rise!!! Now Trading Above $6, 000 for the First Time in 2019
There is another upward movement for the most popular coin in the cryptocurrency – Bitcoin. The price has risen above $6,000 for the first time in almost six months from the time of giving this report.
Bitcoin, the world’s largest cryptocurrency by market capitalization as we predicted previously has witnessed steady rise over the last few months. The new increase now is a 43% rise in value since early April 2019.
This means The dominance level of Bitcoin and that of other cryptocurrencies is at 56.8%, this is also the first time in 2019 as the market capitalisation rises above $100 billion as well in this 2019.
Also are the value of other highly-ranked cryptocurrencies goes up in value such as Ether, EOS, Cardoon, Bitcoin SV, and Monero have also seen price increases as they follow suit with Bitcoin
The Bitcoin rise in price is a good news and a very good development arriving at the time the market is about to face the crises as a result of the recent hack of Binance, the world’s largest cryptocurrency exchange by volumes, which was expected to negatively affect on the market.
However, the support from other exchanges and influencers in the space to Binance has certainly built confidence in the market which is very good and necessary.
The” consensus effect” has always played important role in the advancement of bitcoin. Over the years the consensus effect has spearheaded the increase in bitcoin price and this year is not a different .The people in the space meets , shake hands and deals are sealed , the effect of this helps to strengthen the network.
The introduction of bitcoin trading platform that offers cryptocurrency to its clients could also help to push up the price. For this reason, its expected that this will move the liquidity of the market as investors will come into the space.
Another instance is that Fidelity has over $1 trillion dollars under their management , now assuming their clients decides that they are going to diversify only 1% , that alone could spell increase in bitcoin price.
Predictions emanating from analysts says that in the next few days bitcoin price can rise up to $6,200 to $6,500. Should this happen, that means bitcoin will most likely continue to drive the entire market and enhancing the world of cryptocurrency.
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Credits:BitcoinKe, Coinmarketcap, coindeskJOIN OUR COMMUNITY