Bitcoin Smashes Past $9300 Levels With Strong Build-up of Its Fundamentals
After losing its steam earlier in June and consolidating for almost a week below the $8000 levels, Bitcoin recovered back strongly in the last week. On Sunday, June 16, the Bitcoin bulls were in charge again as the world’s largest cryptocurrency surged past $9300 levels to make its new 2019-high.
Over the last week Bitcoin (BTC) has made steady and consistent gains surging by more than 15% from $7700 to $9300 all the way. At the press time, Bitcoin is trading at $9120 with a market cap of $161 billion. The 24-hour trading volumes on Sunday crossed over $23 billion.
Bitcoin dominates nearly 57% of the total cryptocurrency market cap as on date. With today’s price surge Bitcoin has given over 150% returns year-to-date.
Bitcoin has been one of the top performers of 2019, and experts from the industry suggest that there is an growing institutional interest for the adoption of the world’s largest cryptocurrency. Besides, there are a number of reasons for the Bitcoin price rally on Sunday.
Some experts say that the arrival of Facebook’s GlobalCoin this week is acting as a stimulus for Bitcoin price rise. The arrival of GlobalCoin is expected to boost up crypto adoption. While other crypto analysts believe that the depreciating value of the Chinese Yuan amidst the U.S.-China trade war is causing investors to park their money in Bitcoin.
With the technical charts pushing the Bitcoin rally higher, the cryptocurrency’s fundamentals have added to this euphoria. According to the data by Blockchain.com, The hash rate for the Bitcoin network has topped up at 62 quintillion hashes per second. The hash rate is indicative of the miners performance (indirectly the Bitcoin blockchain activity) and basically indicates the speed at which new blocks are added to the Bitcoin network.
Bitcoin has been undoubtedly one of the most-preferred choices of the investors and even institutions giants have started looking it as a potential investment option. Last week, WorldCoinIndex reported that ICE’s Bakkt platform will soon start testing the Bitcoin Futures contracts which will be traded on ICE Futures U.S.
To ensure higher institutional participation, Bakkt platform notes that it would bring “all the other features that institutions would expect in a versatile and broadly accessible market, including block trades; a fee holiday through the end of the year to encourage trading; market maker incentive programs to encourage liquid markets and integrations with ISVs and regulated brokerage platforms.”