Bitcoin has surged more than 20% in the last one month and is still moving forward the current week despite the fact that there has not been any good news in terms of adoption, regulation or anything else such as the launch of Bakkt exchange, rather, there have been serious issues revolving around the cryptocurrency industry lately, such as the binance hack.
Bitcoin recorded a new yearly high yesterday when it traded up to around $6335. Bitcoin started the year with a price of under $4000 and even stayed at the $3400 level for quite some time at the start of the year. Not only in terms of price but also in terms of market dominance, bitcoin has grown exponentially in the last few weeks which now stands at around 60% (highest in the last 6 months).
Bitcoin price has gained more than 7% in only the last three days breaking over the $6000 resistance level despite the fact that around 7000 bitcoin worth around $40 million being stolen from the top bitcoin and cryptocurrency exchange in the world (according to trading volumes), Binance. The CEO of the exchange also recommended the rolling back of bitcoin blockchain to recover the stolen funds, however, none of the bitcoin miners came out to support this. This was also a shocking moment for most bitcoin enthusiasts who could never believe that something like a Roll Back could actually occur on the bitcoin blockchain. However, despite these things, bitcoin still continues to rise without any solid reason to back the sudden surge.
A little piece of good news for the bitcoin community was that Facebook, the social media giant had announced that it is going to remove the ban on bitcoin, cryptocurrency and blockchain advertisements which it had earlier implemented. However, most of the people believe that this is due to Facebook’s upcoming WhatsApp cryptocurrency. However, such a small piece of news could possibly not be the reason behind the sudden market rise.
Some cryptocurrency analysts are predicting that bitcoin price might crash hard downwards after testing the $6500 resistance level. Currently, bitcoin is trading in a short-range below the $6300 resistance level which is proving to be a strong hurdle for the price to rise further.
What are your thoughts on the sudden bitcoin price surge? Let us know in the comments section below.