Bitcoin (BTC) was able to surpass $9,300 a few hours ago, registering the highest price level in over a year. This is very bullish for Bitcoin that is currently registering a growing activity on its network and blockchain.
Bitcoin Surpasses $9,300
According to CoinMarketCap, the digital currency surged on June 16 after several days operating in a bullish trend. The virtual currency grew more than 9% since June 10. In this way, Bitcoin was able to reach its highest point since May 2018, when the digital currency tested the $10,000 resistance level for the last time.
Now, enthusiasts and investors are wondering whether Bitcoin will be able to surpass the $10,000 price level.
There are some reasons why Bitcoin has experienced a price increase during the last few days. For example, Binance announced that is going to be releasing an exchange platform specifically designed for American citizens. However, there are going to be some altcoins from Binance.com that will not be available for US users. At the same time, Bittrex has also informed that they are going to be launching new services for US citizens and they will not have access to a large number of altcoins.
After these announcements, several digital assets fell over 15% in BTC terms and helped the most popular virtual currency increase in price.
This is just one of the reasons behind this price surge over the last few weeks. But there are others. The Bitcoin network is registering increased activity and genuine growth. Bitcoin’s hash rate has surpassed its previous all-time high in September and it has reached 62 million TH/s, according to data provided by Blockchain.com.
According to https://t.co/OiYbKG0Dfq estimates, the Bitcoin network’s hash rate just hit its all time high.
(estimates differ considerably based on the source) pic.twitter.com/Hf5uvE04xH
— Alex Krüger (@krugermacro) June 15, 2019
Furthermore, the number of active addresses has also surpassed 1 million. This is according to data provided by CoinMetrics.io. This is the highest point in more than a year, showing that the cryptocurrency market is moving in the right direction. The last time Bitcoin active addresses surpassed 1 million, the digital currency was traded close to $20,000 in December 2017.
There are some analysts that suggest that Bitcoin could keep growing in the near future. The Twitter user Nunya Bizniz wrote that a new rally and new yearly highs could be waiting for in the coming weeks.
BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019
As reported by CoinMarketCap, Bitcoin is being traded close to $9,100 after registering a price increase in the last 24 hours of 5.12%. It also has a market capitalization of over $161 billion.
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