Bitcoin Price Gear Towards $19,000, Surges by $1,000 in a Single Day

in #bitcoin6 years ago

The bitcoin price has increased by more than $1,000 over the past 24 hours and is en route to surpassing the $19,000 mark.
Google, the world’s most widely utilized search engine, has revealed that bitcoin has been the second most popular keyword on its platform throughout 2017.

As the demand for bitcoin from both casual investors and retail traders increased over the past 12 months, the popularity of bitcoin on search engines and social media platforms surged proportionally.

While the recent surge in the price of bitcoin can be attributed to a variety of factors, the two driving factors of the rise in bitcoin price have likely been the global finance market’s anticipation of CME’s scheduled listing of bitcoin futures on December 18 and the strong performance of alternative cryptocurrencies within the past week.

Given that strong rallies of cryptocurrencies almost always follow with bear cycles, traders are likely expecting the price of other cryptocurrencies in the market such as Ethereum, Bitcoin Cash, Ripple, and Litecoin to decline in the short-term, considering their recent meteoric rise in values.
As Litecoin creator Charlie Lee explained, “Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space. How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly.”

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