Bitcoin prices have been in a virtual see-saw ride since it started climbing up to pre-2017 levels. It has showed signs of a bull run-climbing up to $14,000 on June 26, CNN Business reported. However, it fell back to $9,600 on July 2. It has since rebounded, again fueling rumors of a significant run, to a little over $12,000 in recent times, showing its trademark volatility.
Naeem Aslam, the chief market analyst of ThinkMarkets FX, said that the spike above $10,000 on June 21 sent the right feelers to bitcoin observers. It was similar to saying to retail investors that bitcoin was finally back, and it was also the first in a long time that bitcoin rose above the $10,000 mark. The last time it managed to do so was way back in March 2018. Other cryptocurrencies like Ethereum, XRP, and EOS managed to soar as well.
Lennon Sweeting, director of institutional trading at Coin square Capital Markets, said that this recent surge also led to bitcoin dropping from the above average. Larger investors have always invested in bitcoin to quickly cash-in, a product of their observance of the cryptocurrency’s violent volatility cycle.
Bitcoin certainly seems on its way to breaking all possible records. The Independent noted that it is close to completing its high in 2019, posting a volatile $500 rise in no more than 10 minutes. The latest surge followed months of significant gains, already posted and followed by different news agencies, while the price moved more than a third at the start of the year.
The current price has been posted $200 less of $12,000 at $11,800. That’s still $8,000 of its all-time high at $20,000, which it last made near the end of 2017. However, analysts believe that, if it still goes this way, it’s close to repeating its historic run in 2017.
This run has been fueled by fortunate events which surround cryptocurrency. Facebook recently came out with an announcement that it’s planning to put up its own coin-fueled currency, the Libra. This was one of the events which analysts marked as having a positive effect on bitcoin.
The Libra proposal is controversial in nature, given Facebook’s status. However, observers are also speculating that there would be regulatory meetings concerning the coin’s connection with Facebook. Already, a Senate Banking committee meeting is being held on July 16, which may finally put in place regulation for bitcoin.