Bitcoin Bulls Enter The Space Once Again With Digital Currencies Surging On Good News
Although Bitcoin (BTC) was in a bear trend in 2018, this year things have changed. The digital currency has recently reached $8,300, the highest price in more than 8 months. Although, this is not the first time that Bitcoin is traded close to this price level, there are different fundamentals that are pushing Bitcoin’s price to new levels.
Bitcoin Sentiment Changes In 2019
Bitcoin and cryptocurrencies are currently expanding and reaching new highs this year. Tyler Winklevoss, one of the founders of the crypto exchange Gemini, said on Twitter that Bitcoin breaking $8,000 feels much different than last time, this is why much progress has been made regarding blockchain technology.
Moreover, Thomas Lee, the co-founder of Fundstrat Global, explained that that Bitcoin has already grown 100% since the beginning of the year. At the same time, he stated that if a family office or institutional investors had just 2% of crypto allocation they would have added 200bp to the overall portfolio return.
At the same time, there are several reasons for Bitcoin bulls to be behaving in this way. The price of the most popular digital currency has been growing since December 2018 when it bottomed close to $3,200. Anthony Pompliano, the co-founder of Morgan Creek Digital, said that JP Mogan is telling people that the current trade war between the United States and China could boost safe-haven currencies.
JP Morgan is telling people that the trade war between the US and China could boost safe haven currencies.
Bitcoin is the best safe haven currency in the world.
Nervous about global chaos??
Buy the strongest non-sovereign currency.
— Pomp 🌪 (@APompliano) May 15, 2019
Moreover, there are going to be different catalysts for the price of the digital currency to keep growing in the near future. The Intercontinental Exchange (ICE) is going to be releasing its Bitcoin futures platform Bakkt during this year as soon as they receive the approval of regulators. Fidelity Investments is also another company that is going to be offering services to individuals around the world to enter the crypto market.
At the time of writing, Bitcoin is being traded around $8,050 and it has a market cap of $142 billion as reported by CoinMarketCap.
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