Bitcoin PRICE: Cryptocurrency pushes past $10,000 as strategist predicts new high. At the time of writing the cryptocurrency is worth $10,250.01
BITCOIN has skyrocketed past the $10,000 mark this week as strategist Thomas Lee predicted a new “record peak” for the cryptocurrency to come in July following a period of plummeting markets.
Mr Lee, a managing partner at Fundstrat Global Advisors, stated that based on the cryptocurrencies 22 corrections since 2010, bitcoin will hit a new “record peak” in July.
He noted: “During bull periods, bitcoin recoveries take 1.7 times the duration of the decline and imply that 85 days are needed to recover prior highs—this is July 2018.”
The strategist claimed that cryptocurrencies will have a strong year but declared that the most renown and highest valued coins such as Bitcoin and Ethereum will dominate the market.
A chief market analyst at FX brokerage Centtrip, Miles Eakers, insisted that the sharp increase in Bitcoin “coincided” with the “rally in global stock markets”.
However, Yves Mersch, an executive board member at the European Central Bank, issued a stark warning to investors that cryptocurrencies could “become worthless at any time” and that Bitcoin is not a currency but is instead a “speculative digital asset”.
In the last week, Bitcoin has added $2,004.33 (£1420.47) to its value that is equivalent to a 24.31 per cent rise, according to Coinbase.
At the time of writing the cryptocurrency is worth $10,250.01 (£7264.18).
Meanwhile, Ethereum, Bitcoin Cash and Litecoin have all seen increases this week in what appears to be a trend for virtual currencies.
Ethereum is currently worth $944.09 (£669.08) and has added $116.99 (£82.91) to its value that marks a 14.14 per cent increase.
Litecoin is sitting at $217.15 (£153.89) after an increase of 47.04 per cent in the last seven days.
Finally, Bitcoin Cash has seen an increase of $168.59 (£119.48) this week that has taken its value up to $1464.54 (£1037.92).
Back in December, Bitcoin hit an all-time high of $19,535.70 (£13,991.86) on December 17 before sharply declining.
A brief resurgence of the cryptocurrency occurred on January 6 when the value hit $17,035.60 (£12,201.24) before dramatically going into free fall.
Four out of five January’s between 2013 and 2017 saw a decline in Bitcoin prices.
Data website Coinmarketcap.com claims that over $60billion (£42billion) was shaved off the value of the cryptocurrency last month.