Bitcoin seems to be smashing all of its own records this year. The digital currency has experienced a new high above $8,000. By Monday, bitcoin had risen by 15 per cent hitting a high of $7,946.01. However by 21:30 UTC today, BTC was on a new high of $8,195 experiencing an increase of 17.4% or $1214. However, as at the time of writing, the new price of Bitcoin on Coinbase was $8,200.
According to Messari data, more than $27 billion worth of bitcoin has been traded across exchanges. Although Bitwise Asset Management reveals that it has only identified 10 exchanges who give accurate and honest volume data. According to Bitwise Asset Management, only $2.1 billion was traded by these 10 exchanges. The price of bitcoin has risen steadily from $7,000 to $8,000 and now analyst suggests that the world’s largest cryptocurrency is aiming for $10,000.
While there are many speculations as to why the price of bitcoin is increasing, today’s increase does not point to any anomaly. Some persons point the increase to the fear of missing out (FOMO). Over the weekend, the price of Bitcoin had hit $7500 for the first time since September. However, the buy pressure on Monday resulted in almost $30 billion in a 24-hour bitcoin volume. BTC is not the only one experiencing a raise as crypto coins such as Binance’s BNB and Bitcoin Cash (BCH) have also been reported to have gains of double digits with 24 hours.
Although there is a lot of speculation as to whether Bitcoin is about to hit its $20,000 all-time high of 2017, the cryptosphere is, however, seeing a lot of investments. The market is green as other top cryptocurrencies are experiencing gains. Coins such as Ether ( ETH ) gained 10%, XRP surged up to 21% hitting $0.39, Bitcoin Cash (BCH) got a 10% rise to $399 and Litecoin gained 5% reaching $91.
Do you think Bitcoin will be hit the $20,000 ATH this year? Share your thoughts with us in the comment section.