For the first time in nearly six months, bitcoin has broken past the $6,000 barrier.
The Horror for Bitcoin Is Over
The past several months has been a very scary time for many cryptocurrency lovers. Since January 2018, the currency – and many others like it – has been falling deeper into oblivion since hitting the near $20,000-mark in December of 2017. Since then, its price began to shrink faster than anyone could have anticipated, but nobody expected bitcoin to fall the way it did in November 2018.
During that time, its baby brother bitcoin cash was undergoing a massive hard fork that proved very controversial. Industry leaders were ultimately pitted against one another, and many cryptocurrencies experienced significant drops in their prices.
Bitcoin was one of those cryptocurrencies. Spending much of the summer and fall months hovering at around the $6,000-mark, the currency later fell to about $3,500, and remained there for nearly five months until last April, when it suddenly shot up beyond $5,000 unexpectedly.
Since then, the currency has been undergoing massively bullish behavior and has been on the rise over the past four weeks, now adding an additional $1,000 to its overall price. It’s a glorious sight to see, and while the currency remains far from the $20,000 position it once held, it’s still a huge step forward in the right direction.
Former hedge fund manager Michael Novogratz comments:
The reality is that there’s a tremendous amount of stuff going on. In some ways, there’s been a small miracle. The debate is over. Bitcoin won. It is now seen by people all around the world as a legitimate place to store their value.
Novogratz believes that a sudden burst in trader interest may have pushed the currency beyond $6,000.
What’s quite spectacular is that bitcoin has managed to incur gains following some rather negative news. Recently, Live Bitcoin News reported that approximately 7,000 units of bitcoin – worth more than $40 million in USD – were stolen from the popular cryptocurrency exchange Binance. A few years ago, something like this would most likely have caused the currency to fall in price by a drastic margin. This time around, however, bitcoin hasn’t fallen – it has gained.
This shows that bitcoin is not only developing a thicker skin against outside market influence, but it is also maturing and entering far more legitimate territory. The asset would have fallen victim to a hack of this nature, but it has stood its ground and added to its price in the process.
The Currency Is Getting Stronger and Stronger
John Todaro – director of digital currency research for Trade Block – comments:
$6K has been a key price level for bitcoin… Just yesterday, we saw bitcoin prices rebound quite quickly after it was revealed that $40 million in bitcoin was stolen from wallets belonging to Binance in an exchange attack.