Bitcoin hit $10,000 today, following a steady price surge in the past couple of weeks, for the very first time this year, as calculated by CoinMarketCap. Bitcoin attained the $10,000 mark last on March 8, 2018. At the beginning of this year, the digital coin was bearish with its price hovering around $3,300-4,000 in the first three months. Its first big break was in April when it hit $5,250 on 30th April 2019.
This new high of the year has stirred a lot of excitement amidst the bitcoin community causing a gradual price surge. Today it hit a new peak, at press time, Bitcoin is trading at $10,614, with a market cap of $188 billion.
This upward move is a great sign for bitcoin watchers, traders, and investors who believe that this is just the beginning of a major bitcoin bull market. In a recent interview with CNBC, Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, stated, “FOMO could take Bitcoin from $9,000 to $20,000 in months.”
This Bitcoin price surge is accompanied by a 13% increase in trading volume. Data provided by CoinMarketCap shows that bitcoin worth $24.15 billion has been traded in the past 24hrs. At press time, the total cryptocurrency market cap is at $321.6 billion.
What Is In Store for Bitcoin Moving Forward?
This block halving and the launch of Libra by Facebook are likely to encourage further price surges in bitcoin in the long-term. However, some cryptocurrency experts predict that the digital token may encounter a short-term recession period. This is because, more often than not, bitcoin bulls take a little break following such a winning streak.