The past weekend has been a bit slow for bitcoin; the market was a bit bullish. However, the commencement of the new week has witnessed a paradigm shift; the value of bitcoin has seen an upward trajectory and is now only $2000 less than its 2019 high. Projections have shown that bitcoin will surpass its 2019 high this week.
From the moment the value of bitcoin touched $10k, its value has only been on an upward trend unseen before. Aforementioned, bitcoin was below $11k during the weekend, but at the beginning of this week, things only seem to go the right way for the cryptocurrency. The value of bitcoin is up 10% from its opening weekend. The effect of this move has encouraged trading, and the volume traded in the last 24hours currently stands at about $21billion.
All this positivity in the crypto market has made the market worth over $300billion. However, other players in the cryptocurrency market are not in the same line of success; altcoins aren’t doing so well. Projections show that this is the week that we shall witness bitcoin surging past its 2019 high.
For seventeen days straight, bitcoin has seen a steady rise, and next, we shall see it stall at $12400 before the next wave, which will take it to above $13k.
Events Shaping the New Week
In the midst of all this positivity, the Chinese government has set its currency against the dollar to stand at 6.92; this is a significant downgrade, in a move to counter the US appetite for trade tariffs. The trade war that never seem to end has only worked in favor of bitcoin, which has help spruce up its value.
Though crypto trading is a crime in China, people can still use other platforms such as peer-to-peer to fill their wallets with cryptocurrencies. Due to healthy controls from the government, people have diversified means to get their work done, including crypto trading.
Protests in Hong Kong have also played a massive part in driving up the value of bitcoin, due to domestic pressure from China’s banks to cut rates and print more currency. Like never seen before this year bitcoin will, for sure go beyond the $12k mark as future projections show that the growth trend will only continue in the coming weeks. At 68.4% high of total market share, the upward surge will only continue for bitcoin, and it seems impossible now that bitcoin will ever hit the 35% lows previously seen in 2018.