Bitcoin (BTC) Price Rises Above $9,700, $10k on the Cards??
The coin saw another gainful day, adding hundreds of dollars, re-sparking hopes for a five-digit rally.
Bitcoin (BTC) re-sparked hopes of growth with another jump, this time to the $9,700 range, within a small distance of the “moonshot” to $10,000. The lack of shakedowns and the effect of Facebook’s Libra announcement helped boost the leading coin.
Trading volumes are steadily picking up, above $17 billion’s equivalent. Cryptocompare data reveals that the current rally depends on Asian exchanges, through fiat volumes in dollars remain above 16%. Tether (USDT) trading takes up above 63% of all activity.
BTC mining has followed the price spike, with activity once again rising to record levels above 61.5EH/s. Currently, most of the mining is concentrated in China, based on the readily accessible hydroelectric power. At prices above $9,000, BTC has covered the breakeven prices for most miners.
The other boost to BTC comes from the world of mainstream finance. CME futures are showing peak interest. Additionally, July will see the Bakkt exchange start testing its new futures on the ICE. Bakkt promises physical custody and delivery, creating a precedent for mainstream ownership.
The $10,000 range starts to look more and more like a self-fulfilling prophecy. June is seen as a decisive month, with growth spilling over to July. BTC remains unpredictable, and some see a significant crash as a possibility. But 2019 has led to more than 150% appreciation since the lows, and BTC showed it could recover from lows around $3,200.
The current BTC rally increased the dominance of BTC to above 58% of the entire market capitalization for crypto coins. Altcoins are still lagging, and some are sinking in BTC prices, with another altcoin season so far delayed.
BTC also saw extremely bullish predictions for 2019, with prognoses ranging from $40,000 to a possibility of breaking into six-digit prices. In the shorter term, the upcoming weekend may either boost prices even higher or lead to another sell-off. BTC has made a tradition of rallying on weekends when low volumes mean a larger effect for concerted trading orders.
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