Recently, Bitcoin increased above the $11,000 mark hitting an over 15-Month peak, as a high-profile project from Facebook threw cryptocurrencies back into the limelight. The digital coin strike an intraday high of $11,307.69, as per to Coindesk’s Bitcoin Price Index that takes into consideration the cost of the cryptocurrency in various exchanges. That is the greatest level from March 5, 2018. Bitcoin had cut some of those proceeds and was trading around $10,624.10. Financiers seem to be overlooking some of the memories from the split open of the Bitcoin bubble following it strike a record high of more than $19,000 in December 2017.
The cost of the cryptocurrency crashed down in the course of 2018 and at the start of 2019 where it collapsed to the lower to mid $3,000 range. But since February, Bitcoin has been trading higher again, as leading companies started to publicize cryptocurrency-related projects. Reliability rolled out a trade execution operation and cryptocurrency custody in March. But it was possibly news of Facebook’s Libra cryptocurrency that aided the boost of Bitcoin. Jehan Chu—Co-Founder of Kenetic Capital—said to CNBC, “The cost surge is owing to two main factors, one is a surging consensus amongst the investment community that Bitcoin is a lawful store of value for the modern age, and two Facebook’s cryptocurrency—Libra—launch has pressurized every CEO to take cryptocurrency seriously.”
On a similar note, recently, Fundstrat’s Tom Lee said that Bitcoin is effortlessly going to take out its all-time highs. Seemingly, Bitcoin appears has done a good comeback in business. Having grossed more than $9,000 level in recent time before Facebook announced its own cryptocurrency; Bitcoin was up by 146% this year. But that can be just the starting for its bounce back, asserts Tom Lee, Fundstrat Global Advisors’ Research Head.