Bitcoin has exploded to reach a new high for the year. At press time, it’s trading for well over $9,100.
Bitcoin Is Headed for New Heights
This is new milestone for the currency, considering how miserable 2018 was. Starting in January, bitcoin, as well as several other forms of crypto, began sinking into oblivion after reaching all-time highs in the year 2017. Many believed that the falls would be minor in the beginning and that bitcoin and other digital assets were merely undergoing soft forms of correction. After all, $20,000 per coin seems like too fast a feat in many ways.
Several traders probably weren’t ready for bitcoin’s explosive behavior, so a drop of $1,000 or so probably wouldn’t have much significance in the long run. Unfortunately, what nobody realized was that bitcoin and other cryptocurrencies would continue their falls for more than a year. Until March of 2019, bitcoin was trapped in the doldrums and seemed unable to move beyond the $4,000 mark, which is where it was trading at that time. The currency fell to the mid-$3,500 range in November, and it appeared that things weren’t going to change anytime soon.
But we were wrong again. In April of 2019, bitcoin struck the $5,000 mark and began spiking faster than anyone could have anticipated. At the time of writing, it has nearly tripled its price since the beginning of the year, and enthusiasts couldn’t be more pleased. In addition, the $9,000 line was a serious barricade for bitcoin, and was proving to be more resistance-laden than originally thought. However, bitcoin has now surpassed that resistance, and analysts are predicting that $10,000 may be around the corner granted the bulls can keep up their present momentum.
It’s interesting in the sense that just last week, bitcoin was trading in the $7,000 range. That means the coin has shot up by nearly $2,000 in a relatively short period. The strength and stamina of the coin is quite profound, but what we’re seeing more than anything is a growing level of maturity never witnessed before in the coin’s behavior.
A Stronger, More Durable Coin
For example, Live Bitcoin News recently published an article that bitcoin’s carbon emissions, according to a new study, are comparable to those released by the city of Las Vegas. That’s a lot of emissions when you think about it, and three years ago, there’s a good chance the coin would have likely suffered from such news. The price would have gone down, and things would have taken a negative turn.
This time, however, the currency has struck a new chord and added to its price. This is the second time this happens in 2019, the first being when Binance was hacked and lost $40 million in BTC. The currency rose than dwindled, and its maturity is starting to solidify.