Bitcoin, for the first time in over 13 months tasted prices above $11,000 before a quick correction. The flagship cryptocurrency extended its recent gains as a benefit of a sustained momentum initiated earlier in the year.
Before 9 am on Saturday, bitcoin hit $11,190. According to CoinDesk, this was the first time in over 13 months since the same figures were reached.
Additional data by CoinDesk reveals that the world’s largest cryptocurrency has achieved a 250% growth from a low of $3,120 registered in December 2018.
The market is sprouting from a terrible winter that saw it’s market cap fall by over 80% within a year. Before the bearish market was a crypto boom that saw bitcoin prices reach an all-time high of $20,000.
It would have been incredible to think prices would reach half of the ideal figure reached in December 2017. With just six months into 2019, the future certainly looks bright for bitcoin.
A Milestone For Bitcoin
The breaking of the $10,000 mark by bitcoin yesterday was a move that generated bitcoin plenty of visibility.
Marouane Garcon, the Managing Director at Amulet, a crypto to crypto derivatives says the 10,000 price mark is an important milestone for crypto enthusiasts and the passing of the $11,000 mark proves so.
Experts have analyzed the sudden movements and have concluded that the price hikes may have been triggered by the FOMO syndrome (fear of missing out).
John Todaro, director digital Currency Research at Trade Block weighed in on the development and made the same conclusions. The expert added that the recent breach could have been as a result of FOMO buying.
The Dominant Cryptocurrency
Another expert in the space, Dave Hendricks, the CEO of Vertalo, a digital asset management platform, also shared his sentiments on the recent rise. Hendricks also accredits the rise to FOMO.
Hendricks also spoke highly of bitcoin’s continued rise. He added that bitcoin had proven time and time again that it’s the most dominant cryptocurrency with an appeal that cuts cross-culturally.
Since the emergence of cryptocurrencies over ten years ago, thousands of virtual currencies have been created. And bitcoin is the largest of them all with a current market cap of over $190 billion.
Lots of folks see bitcoin as a store of value. The store of value has repeatedly increased in value and is constantly reaching new heights even after a terrible crypto season.
A Bullish Future?
Todaro also spoke of the positive news that has affected the industry positively the past several weeks. He adds that the sustained developments have caused ripples in crypto prices.
The changes, however, may not have won the hesitant retail investors entirely. But the situation is about to change in the coming months.
In comparison to the 2017 run, google search levels remain well below the peaks registered in 2017. But things are about to change in the next 3-6 months. As more positive developments and high profile projects emerge, there will be a sustained price rally.
But as bitcoin enjoys its upside, Garcon notes that it will need to maintain its current gains. He however acknowledges the recent price increase as a small victory but warns that there is no certainty whether the new prices will be sustainable or not.