Super Plus enjoy! The holders of Bitcoin who entered the market a year ago finally got a profit today, far exceeding other mainstream currencies.

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.

Bitcoin-price-8500

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%).

Bitcoin-price-green-yearly-candle

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.

Screenshot 2019-05-27 10.28.34 am

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Bitcoin's new generation of multi-signature scheme MuSig2: providing better security, efficiency, and privacy features

MuSig2 is a promising development in the world of Bitcoin. Compared to its predecessor, MuSig1, it offers improved se...

Views

The inevitable outcome of Non-EVM public chains? Analyzing the reasons for the decline of ICP from multiple perspectives

This article will start with the technical characteristics of ICP, then discuss the shortcomings of its NNS governanc...

News

Ethereum Co-Founder The Future of Cryptocurrency will be Embraced by the United States

Joseph Lubin, co-founder of Ethereum (ETH) and CEO of ConsenSys, believes that US regulatory agencies will recognize ...

News

Why does ETH not maintain a currency premium in the long run?

Foreword: The author of this article is a staunch supporter of Bitcoin, so it's no surprise that his views. The ...

News

Expert online round table: AI, big data, blockchain and other technologies can help fight new pneumonia

Source: Beijing News Author: Wang Xiao (Beijing News Urban Institute researcher wisdom) Editor: Libi Ying proofread: ...

Market

Glassnode Weekly Report Bitcoin volatility index reaches historic low, market to remain in a sideways trend.

The latest weekly report from Glassnode shows that both the volatility indicator of Bitcoin and several key on-chain ...