Bitcoin Quickly Closing in on $12, 000

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Showing little signs of bullish exhaustion, Bitcoin seems to be quickly headed for a 16-month high as it closes in on the $12, 000 mark.

As of this writing, Bitcoin was already trading at $11, 900 and showing an upward trend with no signs of correction. A high of $11,957.73 had already taken place in the last 24 hours further signaling the possibly of Bitcoin hitting the $12K mark.

Looking at it another way, Bitcoin has seen a 200% price increase since the start of 2019 making it one of the most valuable assets to own globally.

The current rise seems much more sustainable compared to December 2017 and the current price more justifiable given the current levels of awareness and adoption. This can be seen quite clearly by looking at the number of transactions happening on the blockchain.

The broader crypto market now stands at a combined market cap of above $345 billion with Bitcoin taking the largest share at 60 percent.

Other notable coin rises include Ethereum at $316, Bitcoin Cash at $476, Binance Coin at $36, and Bitcoin SV at $236.

According to Naeem Aslam, analyst at ThinkMarkets Trading Group said:

“The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them.”

He added:

“Projects like Facebook’s Libra have provided much needed tailwind for this space.”

 

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