Bitcoin rises above $10,000 for the first time in two weeks
The very famous cryptocurrency, Bitcoin rises above $10,000 for the first time in two weeks. Thanks to investors who bought back the digital currency after having fallen 70 percent from its all-time peak hit.
Bitcoin has been suffering due to negative headlines and became the major topic of people around the globe. There’s also an incidence of hacks on exchanging money. The recent is the theft of roughly $532.9 million digital money from Tokyo-based cryptocurrency exchange Coincheck few weeks ago.
Managing partner at Fundstrat Global Advisors, Thomas Lee, sees a new record peak for Bitcoin July this year. It is based on the currency’s 22 corrections since 2010.
On the Luxembourg-based Bitstamp, Bitcoin rose as high as $10,234. And was last at $10,123.12, up nearly 7 percent on the same day.
Chief market analyst at FX brokerage Centtrip, Miles Eakers said, “Bitcoin’s increase has coincided with the rally in global stock markets.” On top of that, due to its sustained $10,000 level, it might reach until the $12,000 level.
The very first and original cryptocurrency, gained more than 1,300 percent. Capped by a lifetime peak of $20,000 on December last year.
Other digital currencies also had improvements and gained a lot after major losses from the past weeks.
According to cryptocurrency price tracker, coinmarketcap.com, Ethereum, the second-largest, was up at 2.5 percent within 24 hours. It was at $933.24. The third-largest Ripple rose gained 5.3 percent to $1.15.
Fundstrat’s Lee said that Bitcoin is still adjusting in the market though it rose at 70 percent. He call it the bull market phase.
“During bull periods, Bitcoin recoveries take 1.7 times the duration of the decline and implies that 85 days are needed to recover prior highs-this is July 2018,” he said.
He also added that 2018 will be a great year to digital currencies. But it will be a dominating year for both Bitcoin and Ethereum.