BTC Reaches New Yearly All Time High
Bitcoin is having quite a wild ride recently. The cryptocurrency went from $10k to under $20k in November-December 2017, it later dropped to $3200 in December 2018 and it currently lies just below $11k. This is the first time that Bitcoin has reached this price since March 2018. The only difference is this time Bitcoin seems to be in a sharp upwards trend. Bitcoin slightly retraced after crossing 11K but is likely to return.
It appears that the next big barrier for Bitcoin to break is $15k. If the market will repeat the same cycle from 2017, we might see Bitcoin there in a week.
Is Libra News Pumping BTC?
There are many different reasons for Bitcoin's rise and pinpointing all of them would be an impossible task. That being said, news of Facebook's Libra coin might have pushed the market even further up. The timing of the announcement of Facebook's Libra coin and Bitcoin's rise in value seems to correlate. Excitement over "big tech" and financial institutions dipping their toes in cryptocurrencies could be one of the many reasons for Bitcoin's rise.
Altcoin Season When?
While the charts are mostly green, altcoins have yet to really follow Bitcoin's large steps. There were a few noteworthy altcoins that preformed notably though. Insight chain managed to climb 64% in the past 24 hours and NEO had a 20% growth as well. Despite unclear US regulations which seems to stifle most alts, altcoin season could still come back at full swing.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado