This has been an incredible year for cryptocurrencies, as the crypto market cap soared to a whopping $175 billion. Bitcoin, the number one cryptocurrency, recently hit a new all-time high as its global average got to $4,834.47, according to CoinMarketCap, although the price is significantly higher on some exchanges. We can find trading pairs above $4,900 on various exchanges, and on Bittrex, in the LSK/BTC trading pair, the price of bitcoin already went past $5,000.
Today, so far, the cryptocurrency’s price is up by nearly $200, meaning its market cap is at $79.6 billion, and its market share at 45.2%. As bitcoin comes close to the $5,000 mark, many believe the price can go way further. Standpoint Research founder Ronnie Moas, who previously saw bitcoin hit $7,500 by mid-2018, recently revealed that he believes bitcoin will reach $20,000 within three years.
There are potentially a lot of reasons behind bitcoin’s surge, besides the activation of SegWit and the tension between the U.S. and North Korea, after Kim Jong-Un’s nation fired a missile that flew over Japan before falling into the sea.
Bitcoin has been drawing a lot of attention recently, as an increasing number of investors is starting to take a good look at the cryptocurrency. Moreover, the attention the cryptocurrency has been gaining partly comes from celebrity involvement in the cryptocurrency ecosystem.
Recently, as reported by CCN.com, wrestler John Cena put bitcoin in front of his 7 million Instagram followers by posting stock image of capacious bitcoins. The image gathered a lot of attention, as at press time it has over 52,000 likes. Additionally, billionaire Mark Cuban recently decided to give bitcoin a chance, tweeting about it to his 7.47 million followers.
Bitcoin’s future seems to be getting brighter by the day. As SegWit opens the door to additional tech, and as its mempool significantly goes down, investors are increasingly becoming more confident in its value and may start to dismiss concerns of a bubble forming.
Moreover, as TrustNodes reports, the U.S. Securities and Exchange Commission (SEC) recently appointed Dalia Blass, a lawyer who advised the Winklevoss twins on their ETF bid, as the new director of the agency’s Division of Investment Management, meaning a bitcoin and ethereum ETF may be closer than ever.
Bitcoin exchange BTC-e’s return after being seized by authorities may have also influenced bitcoin’s price. Various users may soon have access to 55% of the funds they had when it was taken down, and will in the future be reimbursed for the remaining 45%, according to the exchange.
Last modified: May 21, 2020 9:16 AM UTC