Bitcoin has risen to above the $6,000 threshold for the first time in almost six months. At the time of writing, its value was $6,060, its highest price since 14 November of last year.
The market capitalisation of Bitcoin has also been steadily rising and exceeded the $100 billion mark recently, with 1.39% entering the market in the last 24 hours alone. In addition to this, the dominance rate of BTC also hit its highest point in almost eight months, sitting at 56.8%. This means that it holds over half of the market share when compared to all of the other cryptocurrency coins combined.
But it is not just Bitcoin that saw big gains in the last few days. As usually happens when BTC prices spike, other coins follow suit. Ether, EOS and Cardano have all experienced gains of over 2%, whilst BTC is in the lead with an increase of 3.64%.
This surge has lead to an overall increase in the total capitalisation of the cryptocurrency market- registering an increase of around $5.4 billion, taking it to a total value of $189.1 billion. This recent surge is working towards recouping much of the loss that was suffered throughout the end of 2018. There is still some ground to be covered however, before the market reaches its all-time high of $835 billion which was recorded on 7 January 2018.
Described as a “rollercoaster ride” by CNBC, the price rise has been contributed to by an increasing interest in the currency from investment institutions. One such example of this is the news that Fidelity Investments- one of the world’s largest asset managers- are set to offer cryptocurrency trading to its institutional investors. This news was followed by the fact that trading platform Robinhood started digital currency trading recently as well.
It seems that the recent Binance hack that saw over $40 million worth of Bitcoin being lifted, has done little to impact the markets confidence in the coin.
Also this week, Bitcoin sceptic Nouriel Rubini called crypto the “mother and father of all bubbles” and Nobel Prize winning economist Joseph Stiglitz called for it to be shut down completely.
Former hedge fund manager and current Bitcoin bull, Michael Novogratz had something different to say however, commenting that “the debate is over, Bitcoin won. It is now seen by people all around the world as a legitimate place to store value.”
The current activity around Bitcoin suggests that it is clearly placed in a strong uptrend but there are concerns it could slip and start a crucial downside correction at any time but many are confident that prices will continue to steadily climb.