Market News… Go Back...

The Bulls Are Back in Town

Bitcoin Breaks $4200 For the 1st Time in Months

2019-02-24 10:41:00 | Jonathan Ganor

The price of Bitcoin has been hovering around $3,500 for months after collapsing from its all-time-high of nearly $20,000. This slump has been called by many as "the crypto winter" and many crypto related projects and tokens died off. It seems though that despite the fall in price, public interest in cryptocurrencies did not die off and that is starting to reflect in Bitcoin's price per coin.

For the second week in a row, the charts have been colored green and signified a healthy recovery and perhaps a large bull-run. Bitcoin has managed to break heavy resistance and had a price breakthrough, reaching above $4,200. This is the 1st time since November 2018 that the price per bitcoin was at that level.

Why

There are many reasons that Bitcoin has managed to have such a leap in price. Some attribute the jump to the fact that many large companies have seemed to adopt Bitcoin & cryptocurrencies to a certain degree.

JPMorgan, the banking behemoth, announced the launch of JPMcoin, which will be a stable-coin with its linked to the US dollar. JPM coin is expected to compete both with Tether and Ripple, as it will be used to facilitate money transfers between banks. This is very surprising as JPMorgan's CEO Jamie Dimon has been very vocal in his opposition to Bitcoin & cryptocurrencies.

Both HTC & Samsung have announced support for Bitcoin & cryptocurrencies in their upcoming phones. While with HTC, it has only been announced in their blockchain-based phone the Exodus One, Samsung has announced that the Galaxy S10 & all future phones will include a cryptocurrency wallet.

Tech giants, Elon Musk of Tesla & Jack Dorsey of Twitter have also had some kind words to say about Bitcoin. Musk called bitcoin's structure "quite brilliant", adding "it bypasses currency controls … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that's for sure."

While Dorsey on Joe Rogan's podcast has said "I believe the internet will have a native currency and I don't know if it's bitcoin. I think it will be [bitcoin] given all the tests it has been through and the principles behind it, how it was created,"

The Future


Seeing that Bitcoin has managed to surpass $4000 and is steadily climbing above $4200 currently, it could possibly be trading above $5,000 in a week or two's time. So far, the lack of any negative news is one of its biggest drivers of the upward movement & optimism in the crypto-markets. Should this trend continue, the price per coin can reach $6000 or above in a month's time.

 

BACK TO HOME