Bitcoin (BTC) has been performing positively over the last few weeks and since it bottomed in December 2018. The most popular digital currency in the world registered between 2 to 5 percent gains in the last six days, which is the largest stretch of daily price gains since July 2018.
Bitcoin Continues With A Positive Trend
According to a recent article released by CoinDesk, the largest cryptocurrency in terms of market capitalization has registered the longest stretch of daily price gains since July 2018. Back at that time, Bitcoin had seven successive days in which the virtual currency registered gains. This happened between July 13 and July 19. At that time, Bitcoin surpassed $7,500.
Currently, the Bitcoin price surged above $9,300 from $8,120 possibly because of the rumours about Facebook’s digital currency and blockchain project. Other factors included the number of active addresses on Bitcoin’s network, which continues to grow, and the hash rate that reached new all-time highs.
Yesterday, Facebook launched its digital asset called Libra and its blockchain project that aims at improving the financial lives of millions of individuals around the world. Facebook announced that they are also going to be releasing a wallet called Calibra, which is expected to be used by WhatsApp and Facebook Messenger users.
As reported by CoinDesk’s Omkar Godbole, the long-term outlook for Bitcoin remains bullish. He considers that the digital asset could rise to $10,000. Nonetheless, a correction can happen in the next 24 hours. If that happens, Bitcoin will experience a drop to $8,700.
There are other experts and analysts that consider that the virtual currency will be growing above $10,000. One of these analysts is Thomas Lee, the co-founder of Fundstrat Global Advisors. He said that once Bitcoin reaches $10,000 there will be a fast and rapid increase to $20,000, the highest point ever reached by Bitcoin. After it, investors will FOMO (fear of missing out) and will help the virtual currency reach $40,000. Institutional investors are also going to be part of this bull market, compared to the last time that was triggered by retail investors.
In the last 24 hours, Bitcoin fell by 0.44 percent according to CoinMarketCap. The price of Bitcoin is currently $9,150 and it has a market capitalization of $162 million. Meanwhile, the digital asset registered a trading volume of $15 billion.
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