Bitcoin price news: Crypto rally continues as BTC price hurtles toward $13,000

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The bitcoin price has today surged to its highest level since January last year, as the flagship cryptocurrency’s surge shows little indication of ending. The price of bitcoin is trading at £9,784 ($12,424) at 11.15 on Wednesday, July 26, according two coinbase.com data. And trading today rose 10 percent to as high, putting the bitcoin on track for its biggest one-day jump in more than a month.

Bitcoin’s value has now jumped for the last eight successive trading sessions, bringing the digital coin’s overall return for 2019 to 250 percent.

However, the volatile digital currency remains some distance below its north of $19,000 peak achieved in December 2017.

The move towards mass adoption of digital currencies is accelerating thanks to big companies such as Facebook, according to one blockchain specialist.

Lee Hills, director of blockchain specialists SolutionsHub said: “With Bitcoin breaking $12,000 for the first time this year, holders, speculators and investors are getting excited, especially as we start to see a level of depth in alt-coin markets.

READ MORE: What is sparking the current price boom?

“The excitement may prove to be premature, but even if we do experience some more pain through the rest of the year, it is important to remember the real use case for crypto is low-cost, near instant, borderless transactions and we are closer than ever to the critical mass and development of the technology to make this a reality.

“Large financial institutions making significant moves into the space is extremely positive, as it the mass adoption effect Facebook’s Libra will bring, which can only serve to speed up adoption.

However seasoned crypto investors remain concerned be able to maintain this level or whether this is just another bitcoin bubble about to burst.

Bitcoin’s 2017 bull run was reportedly partly driven by FOMO, with people with little cryptocurrency knowledge investing heavily, encouraged on by febrile media bitcoin coverage and speculation the surge would continue.

READ MORE: Facebook launches new digital currency

Google Trends data for bitcoin searches indicates interest around the world in late 2017 was well above where it is now.

This implies more retail investors are buying into bitcoin and pushing the price up.

Mati Greenspan, eToro’s senior market analyst wrote this week: “The first time bitcoin breached this level to the upside was in a frenzy of fear-of-missing-out as most of the world was just learning what this new digital asset is all about.

“This time, however, the rise seems much more sustainable and the current price more justifiable given the current levels of awareness and adoption.”

READ MORE: 10-year forecast shows bitcoin ‘WON’T DIE’

Mr Greenspan also noted the rising rate of transactions on bitcoin’s blockchain, which have one above 3.5 transactions per second since the start of 2019 – a level only briefly hit in 2017.

Financial institutional adoption from the likes of the New York Stock Exchange – owner backed bitcoin and cryptocurrency platform Bakkt, and Fidelity Investments, one of the largest asset managers in the world, has also reassured nervous investors bitcoin and cryptocurrencies are not temporary.

Elsewhere, there are two so-called halvening events amongst major cryptocurrencies happening within the next 12 months that will see the supply to their respective miners cut by half overnight.

Bitcoin rival litecoin is scheduled for a halvening in 2020, while bitcoin itself will see its reward to bitcoin miners cut next May.

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