In the early hours of Beijing time, Bitcoin quickly rose through $8,800, setting a new high in the past 12 months. In the past week, Bitcoin has fluctuated below $8,000 a week. This sharp rise is an undeniable parabolic trend.
Bitcoin quickly pulled up, hitting a new high in 2019
Just before the start of the rally, Bitcoin is still struggling to maintain the $8,000 mark. However, this situation changed almost instantaneously. According to the market chart, bitcoin prices have risen almost linearly, suddenly soaring over $600, easily breaking through the $8,500 mark, and hitting a new high in 2019, after which bitcoin continues to rise. $8,800. At the time of writing, the price of Bitcoin was $8742.26, a 9.2% increase for 24 hours.
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More importantly, Bitcoin has risen by 8.83% compared to the price 12 months ago, which means that investors who bought Bitcoin a year ago have now earned income , while the market capital ranks among the top five other mainstreams. The currencies were all at a large loss: Bitcoin (8.83%), Ethereum (-57.3%), Ripple (-36.78%), Bitcoin cash (-59.89%), and Litecoin (-14.65%).
All in all, Bitcoin has risen by an astonishing 130% in 2019, and many people who are bullish on bitcoin may see today's bitcoin breakthrough of $8,500 as evidence that Bitcoin may challenge 2017 earlier, not later. The historical high of 20,000 US dollars set in December.
When bitcoin prices fell below $7,000 earlier this month, eToro senior market analyst Mati Greenspan said painful price corrections would give us an opportunity to judge whether the encryption market really started a bull market. .
"If the callback is finally reversed and we continue to surpass the recent highs, there will be almost no major resistance before breaking through $20,000."
The sudden rise in prices today seems to satisfy these conditions.
Institutional investors enter the market to promote the rise?
For the reason for the recent rise, ErisX Digital CEO Tom Chipas said that the “strongest” reason for this rise is the continued maturity and development brought about by “different participants entering the field”. Bitcoin's revenue of 130% this year far exceeds the return on investment in traditional markets, which greatly attracts the entry of traditional investment institutions.
According to a statistic on Twitter, the admission of institutional funds may be the driving factor for the conversion of bears in the bitcoin market.