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Ever since the crypto bubble burst early last year, Bitcoin has been in a spiral trend which saw it drop from its all time high price of USD $19,891.00 on December 17, 2017 based on Bitfinex historical data. Since then it has been struggling to recover, posting six months of red candles stretching from August 2018 to January 2019, acheiving an all time low price of USD $3,215.20 in December of last year.
As of the time of this writing, Bitcoin is on an up trend, trading at $3,828.50, marking a 2.29% change in 24 hours. The upward movement has seen its market capitalization grow from USD $64 Trillion to $USD 65.9 Trillion, owning 52.14% of the total cryptocurrency market cap.
Bitcoin’s climb up the charts has swept all the altcoins in a big wave, pulling their prices upward as well. Among the top ten digital assets, Ethereum (ETH) has posted the biggest gain, seeing a 10.41% 24-hour change, trading at 139.14 to the US dollar. Ethereum is followed by Bitcoin Cash (BCH) with 6.68% growth, and EOS (EOS) recording a 4.34% increase.
Speculation around the crypto space abound with regards to what has triggered this dramatic upheaval. Staunch Bitcoin believers attribute the growth to several factors, including:
- New York Stock Exchange (NYSE) might be allowed by the SEC to offer Bitcoin futures trading in a month and a half
- JP Morgan’s release of its own cryptocurrency, the JPM Coin.
- Rakuten’s rumoured planned acceptance of cryptocurrencies as a mode of payment.
- Fidelity’s and Bakkt’s launch of their crypto platforms for institutional investors
At the moment though, nothing definite can be pegged down as the reason to the positive price action.
(Jet Encila is a journalist, editor and freelance writer from the Philippines)