The price of the bitcoin has risen from $4,092 to $11,320 in just less than three months, earlier before the value of the bitcoin fell to $3,404 during the first quarter of 2019 with a market value of about $59 billion, the cryptocurrency is trading Bitcoin is now over 200% in terms of overall performance to date, while the coin is looking to extend further gains amid a few positive fundamentals.
The total market value of Bitcoin XM forex Now over $200 billion which is a record we haven't seen since the beginning of last year, and total market dominance is now at 60% which is a record since 2017.
Blockchain’s Garrick Hellman said in his latest interview with CNBC More investors are coming to the bitcoin market because of the supply and demand rates for the cryptocurrency, and the head of research stated that the supply of bitcoin will fall by half by the middle of 2020, and at the same time, the popularity of bitcoin is rising after major technology companies such as Facebook entered the global crypto arena .
Hellman added that there are trade concerns between China and the United States that have led to an increase in the rate of demand.
Bitcoin settles above the psychological support level 10000$
During the past week, the bitcoin rose above the psychological resistance level at $ 10,000, and then it was followed by another upward move that exceeded the $11,000 level. From weak trading in the US dollar.
Lee added that I believe Bitcoin is regaining some legitimacy from forex traders, having made a recovery to levels that prove Bitcoin is still alive and kicking.
There are many commentators who argue that the current Bitcoin price rally is due to the social media giant that has announced its cryptocurrency Libra.
On June 18, Facebook revealed a website for its cryptocurrency blueprint when Bitcoin was hovering around the $9,200 level.
The Bitcoin bull market started on the 1st of April with several peak and bear cycles, but it definitively reversed its previous downtrend which reached only $3,130.
So far, Bitcoin has managed to break through the psychological support level of $11,000 strongly, setting another new record for 2019, which is increasing the enthusiasm of traders, Bitcoin is currently growing more rapidly.
After more than 440 days of a bear market slump, Bitcoin appears to be in a much better position this year as it aims for the next psychological support level of $12,000.
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