Bitcoin is taking the center stage of the bull trend as it surges above the $1200 in the last 24 hours and is heading to the mark of $13000. The recent surge in the value of the top Crypto, Bitcoin takes its highest in 2019, as well as becoming the most dominant Crypto by market share with 60 percent according to CoinMarketCap data.
Since January 2019, the value of Bitcoin has seen a gradual increase that has taken it to over 200 percent of its value at the beginning of 2019. The recent surge saw it rage past $10000 mark as is further aided by fear of missing opportunity (FOMO). This further indicates full swing of the bullish trend as the Crypto market cap also surged to almost $350 billion.
Also, the surge in the market share dominance of Bitcoin to 60 percent is a new height reached in the last 17 months, before the bear trend started. Coinmarketcap details also indicate a surge in the 24 hours trading volume of Crypto, with an increase of $13.8 billion.
The recent surge of the value of Bitcoin above $12000 puts the $13000 mark within reach. The recent trend could as well lead to a new all-time high of Bitcoin price before the end of 2019. The previous all-time high of almost $20,000, attained in the later stages of 2017 could be shattered soon.
Though a new all-time high is in view for the price of Bitcoin, probably before the end of the year, the new height of the present bullish trend will reach still remains a debate. With the recent development and adoption that is trailing the Cryptocurrency industry, projections of $100,000 and above as predicted by some Crypto enthusiasts could be a reality in the industry. The possibility of this will be proven with time.
Bitcoin bulls gather in San Francisco
Meanwhile, though the recent surge of the value of Bitcoin could be attributed to FOMO and the development taking place in the industry, a possible factor for this could be the Bitcoin 2019 conference. The event which holds between the 25th and 26th of June 2019, in San Francisco is hosting the Bitcoin bulls and the bigwig in the Crypto space.
The Bitcoin conference has an antecedent of boosting the value of Bitcoin has shown two years ago during the last Bitcoin bubble. The event is hosting big wigs such as billionaire venture capitalist, Tim Draper among others. The main goal of the conference is to discuss the progress and development of the Bitcoin network. The Bitcoin conference 2019 could become a major catalyst for the new heights enthusiasts is expecting the value of Bitcoin to reach in the coming month.
The Bitcoin conference 2019 features among others a panel discussion anchored by Peter McCormack on ‘Bitcoin strength and weakness as a rail.’ Among the discussants is ShapeShift CEO Erik Voorhees. Erik expressed is the main fear about Bitcoin as the fee. He noted that Bitcoin is being used for most of the Crypto payment around the world and as the price rises, the network is bound to be congested which will lead to a high fee for transactions.
McCormack asked Voorhees about the possibility of crypto exchanges like ShapeShift adding Lightning Network, which could help to solve the fee issues. Erik noted Lightning network is only suitable for small or microtransactions, and cannot meet the needs of a transaction of $100, $1000 and above. He also noted that he is worried about the privacy of Bitcoin.
The outcome of the conference is expected to lead to greater yield for the Bitcoin development and the price of the top value Cryptocurrency. Perhaps, a sample of the greater yield of the conference is the recent surge in the value of Bitcoin above $12000, and the increase of its market cap share to 60 percent.