Breather? None. The Bitcoin price cracked the $ 9,000 in the early hours of the morning, marking its all-time high again this month.
After Bitcoin crash in mid-November caused by the Bitcoin Cash Pump, Bitcoin continued its rally and even went one more up the aisle. From its monthly low on November 12 ($ 5,650), Bitcoin sprinted to over $ 9,000. Within two weeks, Bitcoin was able to record an increase of around 60%.
Market capitalization increased to over $ 150 billion, more than half of the total market capitalization of all crypto currencies. The fact that Bitcoin dominance is “only” around 53% is due to the fact that other Altcoins, above all Ether, also made very strong gains. A lot of new capital has flowed into the crypto currency market.
There are many reasons for the Bitcoin strength. Be it the SegWit2x rejection, which has helped Bitcoin regain its self-confidence, or the insight that the Bitcoin Cash Pump can only be traced back to speculative market maneuvers by some players. The attacks (SegWit2x-Hard-Fork and Bitcoin Cash Pump) successfully fended off Bitcoin, once again underlining its position as # 1 crypto currency.
At the same time, Bitcoin is experiencing tremendous media attention. Hardly a newspaper or a news medium has not reported on Bitcoin this month. Public attention has risen sharply, driving new investor funds into the crypto market. The announcements from stock exchanges and investment banks to enter into crypto trading are also increasing the cash flow to Bitcoin. One example is the CME Group, the world’s largest derivatives exchange, which plans to offer Bitcoin futures. The Swiss financial institution Vontobel also wants to offer Bitcoin futures contracts to its customers.
Should this rally continue, then cracking the 10,000 US dollar mark this year is a realistic option. A breather would also be good for Bitcoin, however, to reduce overheating and adapt the ecosystem. For every Bitcoin increase followed shortly afterwards complaints about excessive transaction costs and times.
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Categories: Crypto Currency