Bitcoin has spiked to the highest mark this year so far, continuing the bullish trend that has doubled BTC quotes since the start of the spring
As the new weeks begins, Bitcoin price soars 10% from where it got at the end of Friday. As per Bloomberg, Bitcoin was trading at $8,847 during the Tokyo session at 10.25. Currently, the BTC price is slightly down, with the major currency sitting at $8.696.
The crypto market enjoys the sea of green
Following Bitcoin, other digital assets are also pumping. Ethereum is up slightly more than 7%. Ripple’s XRP is holding at its recently achieved high of $0.4 and seems to be aiming higher.
The biggest gainers here so far are Litecoin, which is up over 10%, Tron, showing a nearly 14% appreciation, and Bitcoin SV being nearly 17% high.
Reasons behind the BTC rise
The crypto market seems to be inspired by the recent major news about mainstream institutional investors showing their interest in Bitcoin as well as other crypto. Fidelity Investments now, reports Bloomberg, is at the final stage of launching its crypto trading service for corporate customers. As well as E*Trade Financial Group that is also about to start crypto trading.
The US telecommunications giant AT&T recently announced its intention to let customers use BitPay for paying their phone bills.
Bitcoin has so far climbed nearly 70% in May, even though analysts of JP Morgan announced that Bitcoin may be trading above its intrinsic value. This news was taken positively by Mati Greenspan, the chief eToro analyst, who was glad that the banking giant has finally admitted that BTC and intrinsic value can actually go together.
In his note to customers he wrote on Friday:
“Easier to spend means a greater-use case and a greater level of adoption. The tipping point is likely very close now.”
Next target for Bitcoin price
The bull run of Bitcoin price in 2019 has followed a year-long crypto winter last year which has seen many retail and institutional investors turn away from the crypto market in disappointment. Many retail investors lost it all when the market collapsed at the start of 2018, since they bought crypto with all their savings, ignoring the major investor’s rule – to invest only what you can afford to lose.
The CEO of Block magazine, who is known in Twitter as @CryptoGodfatha, believes that since Bitcoin has managed to get over $8,300, the next target it goes for will be the $10,000 mark.