Sunday, March 24, 2019

Bitcoin Hits a New Price After 40 Days

Bitcoin for the first time after 40 days hit $4,010 on Tuesday, February 19. The digital asset for the past month had been trading around the $3,000 price level, and more specifically, around $3,400. The latter is no longer the case given that it has increased in value and is showing an impressive performance.

Bitcoin’s Price on the Increase for Some Days Now

Bitcoin, the most popular cryptocurrency based on market cap has a price that has been on the increase for some days now. The last time we saw the $4,000 price level was January 10 (42 days ago), where the asset traded around $4,034 before devaluing the following day to $3,764. Since that time till February 18, the best price the asset attained was around $3,700.

It is worthy to note that Bitcoin’s 70.1 billion market capitalization on February 20 is almost the same to that of January 10. While it was around 70.5 billion on that date, about 6 billion was lost from the market on January 11. Therefore, the comeback is impressive, and there are expectations that something promising might be in wait.

EOS Shows Remarkable Performance

For the most of December 2018 (except Dec. 1, 2 and 24) and January 2019 as well as the days before February 18, EOS had traded for less than $3. Throughout that period, the virtual asset mostly maintained a price of around $2 and occasionally, about $1.

However, this is no longer the case given that on February 18, EOS hit the $3 mark and is currently trading at $3.75 based on Coinmarketcap’s platform. Yesterday, February 20, it went as high as $3.92. EOS market cap also moved from 2 billion to 3 billion on February 18.

Ethereum Fails to Hit $150 Price Mark

Ethereum, on the other hand, the second most popular virtual currency on the market based on market cap, failed to hit the $150 as was expected. The virtual asset which is currently trading at $145 attempted its highest price for the past 30 days at $149.93. The last time Ethereum traded around $150, is also on January 10.

Cryptocurrency Enthusiasts Make Predictions About Bitcoin

Asides these, it can be said that Bitcoin has positively impacted on the price of most cryptocurrencies on the market within the past few days. Many cryptocurrency enthusiasts have made predictions about what its price will look like in 2019. One of such, is Mike Novogratz, a former Goldman Sachs partner who believes Bitcoin will gradually move to $8,000 in 2019.

Some Fintech experts also made predictions, and in Ben Ritchie, CEO of Digital Capital Management opinion is that Bitcoin’s year-end price will be around $9500. In comparison to Novogratz’s prediction, this is quite similar. Others like Elon Musk, PayPal’s co-founder and Tom Lee, Fundstrat Global Advisors founder are seeing something major coming. Musk, for instance, said Bitcoin would hit $250,000 by 2022.

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