By CCN.com: An unfettered bitcoin price extended its parabolic ascent on Monday, piercing the $8,000 mark for the first time since July 2018.
The flagship cryptocurrency achieved this milestone at 5:15 pm ET, when BTC/USD closed at precisely $8,000 on Bitstamp.
Bitcoin hasn’t traded this high since July 2018. The circumstances, of course, were much different, as the cryptocurrency market was trapped in a devastating drawdown that wiped hundreds of billions of dollars off investor balance sheets.
The cryptocurrency market has been in a sustained uptrend for most of 2019, but the bitcoin price has absolutely exploded in May. BTC has now gained 55% in the past 30 days, bringing its year-to-date return to a staggering 113%.
Having covered bitcoin’s daily price movements throughout the 2017 boom and the 2018 bust, I must say that the charts once again feel uncomfortably parabolic, with seemingly little in the way of fundamentals driving eye-popping gains.
The crypto talking heads have offered up a buffet of potential catalysts for the rally, ranging from next year’s BTC halving to the US-China trade war. However, commentators have yet to settle on a narrative beyond the fact that there are more buyers than sellers.
In the meantime, here are five theories that definitely do not explain the cryptocurrency’s sudden upswell but have been peddled by mainstream crypto personalities anyway.
Click here for a real-time bitcoin price chart.
Last modified: March 4, 2021 2:31 PM