Yesterday’s news must have been the best for anyone who is a user in the Bitcoin network as its price rose to above $11,000 for the first time in about 15 months.
As of 4 pm EAT (9 am EDT), the currency was trading at $11,190.57 (Ksh.1,140,878.61), breaking a 15-month record and rising at a 250% rate since its lowest price in December.
According to CoinDesk, Bitcoin had gone as low as $3,122.34 which must have been one of the biggest and worst blows in a long time. But with the recent gains that the digital currency has been garnering of late, the sustained yet rising momentum seems to be one of the greatest causes of the weekend’s peak price.
With many communities and individuals still being strictly speculative about this cryptocurrency world and avoiding to invest in it, this price has pleased many involved in the crypto industry with this milestone expected to be a huge selling point to those who have yet to try their shot at the digital currency.
This was even reiterated by several analysts saying that once the world’s most prominent cryptocurrency hit this price, it triggered the fear of missing out (FOMO).
“After bitcoin breached $10,000, we quickly rose to $11,000 on the back of likely FOMO buying,” were the sentiments of Tradeblock’s director of digital currency research.
This then means even better expectations for Bitcoin’s future with it still promising to remain the world’s most dominant cryptocurrency having appealed to people across different cultures in the globe.
Even with thousands of competitors coming up every now and then and particularly the soon to be released Libra, Bitcoin has still remained to be on the throne with a total market capitalisation surpassing $190bn.
However, with all this success, some still feel that it will be short-lived calling this a “dead-cat bounce” and “a techno-libertarian pump-and-dump scheme that will end in ruin”.