The King Bitcoin (BTC) is surging and the BTC price has reached nine thousand and eight hundred dollars ($9,800).
Some analysts linked the increase in the price of Bitcoin with the recent launch of Facebook currency “Libra”. It is expected that Bitcoin will soon achieve the target of ten thousand dollars ($10k).
The trading volumes were also surging and recorded above seventeen billion dollars ($17bn). Cryptocompare revealed that the current trends are dependent on Asian exchanges via volumes in dollars are above sixteen percent (16%). The crucial contribution is made by Tether that accounts for sixty-three percent (63%) of all activity.
BTC mining has reached above sixty Bitcoin hash rates (61.5EH/s). China’s contribution to BTC mining is remarkable due to the non-stop and easy availability of power generation from hydroelectricity.
The price greater than nine thousand dollars ($9000) sounds fascinating for miners. Another factor for the surge of BTC price is because of the financial sector. The Bakkt exchange has made collaboration with ICE which will increase the price of BTC more.
The target of ten thousand dollars ($10k) for BTC seems like a reality. Whenever the price of BTC decreases it pulls back and regains its lost reputation. In 2019 there is almost one hundred and fifty percent (150%) increase in the price so far. The dominance of BTC in the crypto-market is still well maintained.
$BTC new 2019 highs
Watching to see if sellers step in at 9800 target pic.twitter.com/SPvdltILnt
— Luke Martin (@VentureCoinist) June 20, 2019
Some analysts have speculated that BTC will soon achieve six-digit price i.e., ten thousand dollars ($10,000). BTC mostly rally on weekends. But, there is a lot of volatility in the crypto-market therefore, the users should take decisions based on research.
What happens after the $10000 mark is achieved
When the mark is made Bitcoin is going for a downtrend. This is because of research data has revealed that Bitcoin returns are about to take a summer-nap because the crypto-winter in summer is about to be unleashed.
So far there are two contradictory statements on the day of commencement however, both data services reveal that starting August Bitcoin is going into a crypto-winter until September.
It is believed that after August Bitcoin price would either be stagnant or go down the high point it is enjoying right now.