Bitcoin moves above $11,000 for the first time in 15 months
Bitcoin moves above $11,000 for the first time in 15 months
In less than 15 months the bitcoin has gone so high, on Monday the popular digital currency went through the 11,000 dollar limit and then dropped back to its level the day before. The upward trend does not seem to stop for the time being. With a return of 170 percent this year, investors are starting to believe again is higher prices such as the $ 19,000 or more of yesteryear.
$ 11,307, that is how much the bitcoin was worth Monday morning at around 5:30 am. The digital currency broke through the 11,000 dollar limit, almost as easily as it had broken through the 10,000 dollar limit. After tapping its highest point of the past 15 months, the bitcoin slowed down around $ 10,700 from investor profit taking.
Strong increase
It seems that investors have forgotten the crash of early 2018. After the bitcoin had reached its ultimate high of (nearly) 20,000 dollars, it only went downhill in the following months. The bubble had broken and investors were selling their coins en masse. The decline lasted a good year, at the beginning of 2019 the bitcoin managed to reach the bottom and then rise again at the beginning of April.
This slight increase at the beginning of this year was supported by large institutional investors and large companies that have begun to accept crypto more and more. The best example is social networking site Facebook, which has its own project with the development of its own crypto currency, the libra.
"The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook's Libra cryptocurrency launch has forced every CEO to take crypto seriously."
- Jehan Chu, co-founder of Kenetic Capital, already sees it as a positive evolution. According to him, the increase is now much more sustainable than the increase in 2017 as digital coins seem to be more accepted by large companies. Not only the bitcoin, but other coins also benefit from the momentum. Ehtereum, litecoin and monero are also in an upward trend.
Sources: CNBC
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