Home Archive Newsflash: Bitcoin Price Pierces $8,000 for First Time Since July 2018

Newsflash: Bitcoin Price Pierces $8,000 for First Time Since July 2018

Josiah Wilmoth
Last Updated March 4, 2021 2:31 PM

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.

Bitcoin Price Soars to 10-Month High

The flagship cryptocurrency achieved this milestone at 5:15 pm ET, when BTC/USD closed at precisely $8,000 on Bitstamp.

bitcoin price
The bitcoin price is beginning to look uncomfortably parabolic. | Source: BitcoinWisdom 

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%.

Cryptocurrency Market Feels Uncomfortably Parabolic

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.