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The rally of bitcoin number 1 lasted for the past eight days that led to dizzying results. The leading digital currency has risen in price by a fantastic percentage of 277% since the beginning of the current year and continues to ascend.
During the trading session on Wednesday, June 26, the bitcoin rate reached an 18-month high and soared to $ 13,722 for 1 BTC. The last time this happened was in January 2018. At the moment, the digital flagship is breaking records, keeping all the virtual market players in suspense.
The growth of Bitcoin for the day amounted to 21.56%, which is the maximum intraday percentage rise in prices since 2016. Note that in December 2017, when BTC set an absolute price record just below $20,000 for 1 BTC, the daily growth rates were lower than today. According to analysts, the day-Bitcoin rose by $2,454, which is the maximum increase since mid-December 2017, as experts emphasized.
Experts point out that the current year for Bitcoin is very different from 2017 when BTC set its record. Two years ago, investors came into digital assets interested in holding an ICO (initial placement of coins). They were worried about investment schemes in start-up projects bypassing banks and venture companies. Startups used blockchain technology to create their own tokens and sell them to investors. BTC futures market then did not exist yet.
At the moment, the situation has changed. The trading volume of bitcoin derivatives in the last few days has risen sharply. According to Michael Moreau, head of Genesis Global Trading, participants in the virtual market who have access to spot trading and futures trading buy them on the spot market and open short positions in the futures market.
One of the drivers of the revitalization of the virtual assets market after a long "Cryptozyme" that began in 2018. Experts consider the statement by Facebook's largest social network to develop its own cryptocurrency Libra. According to analysts, this gave impetus to the entire digital market and caused the active interest of most investors.
The Bitcoin rate went up steadily and the rally of cryptocurrency number 1 is gaining momentum, which is not going to stop. Since the beginning of 2019, Bitcoin has risen by 277% in priced and it has already formed an 8-day series of fortifications.
At present, the Bitcoin rate continues its uptrend with surprising acceleration. However, experts warn against excessive euphoria, pointing to signs of BTC overbought, which sooner or later manifest itself. It can lead to another collapse of the financial "bubble" and bring down the cryptocurrency exchange rate of number 1. According to analysts, a further acceleration of price movements without a small correction is unlikely.
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