The price of bitcoin has continued to push up, hitting a record year-to-date high of $8,265 USD.
Evidently, confidence is returning to the market and this monumental upswing has led many analysts to believe that we’re now in the early stages of the next bull run.
Remarkably, bitcoin’s price has continued to climb despite a number of negative news stories and events which emerged in recent weeks. The dismissal of these FUD attempts merely demonstrates the widespread shift in perspective within crypto markets.
In only one month, the price of bitcoin has surged with formidable momentum by more than 67.5%. In response to this, several influencers and analysts predict this positive momentum carries tremendous weight, claiming it has a long way to go yet.
For instance, Tim Draper, one of the most prominent players in bitcoin has updated his bold $250k BTC price prediction to be reached within the next 4 years – in 2023. If the market’s increase is even half as good as this, crypto investors have the potential to 15x their holdings (30x if he’s accurate), while active traders will enjoy dynamic markets with favorable trading conditions.
Trading Volumes Soar
Crypto exchanges and investment agencies have reported record trading volumes, namely by the leading bitcoin margin trading platforms, which have become increasingly popular in 2019.
Just this week, BitMEX recorded its all-time high of 10B dollars in BTC traded in 24-hours, while the hot newcomer, PrimeXBT, reaches new heights of its own, having grown its weekly trading volume by a massive 300%.
A number of sources have reported that this bullish atmosphere has generated huge profits in accordance to the influx of margin traders, many of which leveraging positions up to 100x greater than their initial investment – as is possible on Prime XBT and BitMEX. In the aftermath of recent positive trends, a great number of traders have taken to social media to share their successes over the past weeks.
Altcoins Follow the Leader
As usual, bitcoin’s momentum has been emulated by other major cryptos – with Ethereum and EOS both increasing by more than 7%, and XRP jumped a whopping 26% in the last 24-hours. The opportunity to maximize the upward price action of top performing crypto-assets with as much as 100x leverage (in addition to bitcoin), is only yet accessible on PrimeXBT. This further explains the platform’s rapid user expansion and acutely high trading volume.
There are several theories circulating about what triggered the bitcoin rally, but what’s interesting upon further research is that there are many reasons as to why we have witnessed such a positive change in market sentiment.
The general consensus though – we’re just getting started…