The entire digital currency market is buzzing at the moment. A majority of coins in the market are testing new yearly highs. Bitcoin (BTC) – the world’s largest cryptocurrency – is also testing new yearly highs. The price of Bitcoin (BTC) just hit a new yearly high, and the digital currency is still surging higher. BTC USD price just broke over the $7k level. The price of Bitcoin (BTC) is now hovering around the $7,400 mark.
BTC just broke over the short-term Bitcoin price prediction 2019. This massive surge in the price of Bitcoin (BTC) is attributed to some bullish Bitcoin news today. However, Bitcoin is not the only digital currency experiencing these gains. Ethereum (ETH), XRP, Bitcoin Cash, Ubex (UBEX), and several others are also trading in the green. Here are some factors contributing to the massive surge of BTC USD price.
The Entrance of Fidelity Into the Cryptocurrency Space
One of the largest asset management firms in the world – Fidelity Capital – is making a debut into the digital currency space. The firm wants to create a digital currency trading platform for institutional investors. The trading service will be available in the next couple of weeks. This development will significantly enhance the image of the crypto industry. It will also bring more credibility which would encourage institutional investors to come into the crypto space. The launch of this platform is in a few weeks, and the Bitcoin (BTC) will definitely be the number one coin on the platform. This Bitcoin news is bullish is one of the factors contributing to the massive surge in the price of Bitcoin (BTC).
The Next Halving of Bitcoin (BTC)
Bitcoin (BTC) has a limited supply. The maximum number of Bitcoins that can be mined is 21 million. Once the 21 million coins are mined, more BTCs can’t be mined again. Once all the coins are mined, it would create some sort of scarcity, and this would result in an increase in the price of Bitcoin (BTC). Halving usually takes place every four years. The halving reduces the reward for mining by half. The next halving will take place in 2020, and it will reduce the reward for miners from 12.5 to 6.25 BTC, this will slow down the issuance of coins.
More Digital Asset Investors Are Returning to the Crypto Market
After the price of Bitcoin (BTC) crashed last year, many digital asset investors exited the crypto space. The crash of the crypto market was a very harsh reality for a lot of digital asset investors. The crypto market recovering this year after the price of Bitcoin (BTC) plunged to a low of $3,200 in December 2018. The market is now booming, and it is now looking more appealing to many digital asset investors. Bitcoin has broken over several resistance levels and Bitcoin price prediction 2019; this has ignited the return of many digital asset investors into the crypto market.
There are also other major factors such as stock market indicators, increased on-chain transactions, the entrance of Facebook in the crypto space, and FOMO (fear of missing out).
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, BTC us price is $7,360 after an increase of more than 10 percent over the past twenty-four hours. The current market cap of the digital currency is $129.55 billion. The trading volume of Bitcoin over the past twenty-four hours is $33.85 billion.