Bitcoin’s price soared above $10,000 on cryptocurrency exchanges for the first time in 15 months, capping a strong upmove that has seen the cryptocurrency surge about 150 percent this year, and creating a 13-month high.
At press time, the top cryptocurrency by market capitalization is trading at $10,080.49 – the highest level since March 8, 2018 – representing month-to-date gains in excess of 13 percent, according to Bitcoin Price Index.
The interest in Bitcoin may have been influence by Facebook announced of its cryptocurrency Libra.
Facebook has managed to get $10 million each from notable companies like Uber, Paypal, Mastercard and Visa. The market-leaders have come together to form a consortium that will oversee the Libra project. Facebook plans to raise around $1 billion for its cryptocurrency project.
Bitcoin bull Tom Lee earlier told CNBC’s “Futures Now” that the cryptocurrency was silently moving “deep into a bull market”. He predicted that Bitcoin would break its previous all-time-high and reach a much higher point in 2019. Bitcoin has the potential to reach $40,000, the Fundstrat Global Advisors’ research chief said.
“The Facebook announcement is a complete validation that mainstream is now focus on cryptocurrencies,” CNBC Lee as saying. “I think it really destroys those arguments that say, ‘I believe in blockchain, not bitcoin.’”
BTC continue to shine bright as the cryptocurrency is set to undergo mining reward halving sometime in May 2020.
While bitcoin’s long-term prospects look bright, the cryptocurrency may see a pullback in the short-term. After all, prices have rallied more than 150 percent in the last 2.5-months and bulls usually take a breather following such stellar gains.