Bitcoin Hits 15-Month High As Naysayers Convert (#GotBitcoin?)
Bitcoin (BTC) was holding steady around $10,850 on June 24 after a fresh surge took it above $11,000 for the first time in over a year. Bitcoin Hits 15-Month High as Naysayers Double Down On ‘Dead Cat Bounce’ (#GotBitcoin?)
Data from Coin360 showed a slight correction kicking in for bitcoin on Monday, markets consolidating gains after a dramatic weekend.
BTC/USD had climbed as high as $11,230 in recent days, marking its best performance since early March 2018.
The action did not go unnoticed, with mainstream media titles appearing to struggle with explaining the return of a cryptocurrency they had previously announced all but dead.
Many quoted traditional finance sources who maintained that the current bull-run is doomed to fail and that bitcoin investors will ultimately lose everything in fiat terms.
“Don’t get fooled by the dead-cat bounce this year,” Whitney Tilson, founder of Empire Financial Research and a former hedge-fund manager said quoted by Bloomberg.
“Mark my words: A year from now, it will be a lot lower. This is a techno-libertarian pump-and-dump scheme that will end in ruin.”
Bitcoin’s weekly gains currently total just over 17%, while monthly returns are closer to 35%.
Altcoins fared somewhat worse as BTC/USD corrected, with many in the top twenty by market cap shedding 2-3% in the 24 hours to press time.
Ethereum (ETH) fell 3% to hit $306, while Ripple (XRP) was trading 5% lower at just over $0.45 per token. Bucking the trend was Tron (TRX), which gained 3.1% after the network saw the launch of its first stablecoin asset.
The total cryptocurrency market cap is now comfortably above $300 billion, Bitcoin’s weekend moonshot further expanding its market dominance to more than 59%.
As Cointelegraph reported, multiple significant factors suggest the largest crytocurrency’s longer-term trajectory will take it far past previous all-time highs. Bitcoin Hits 15-Month High, Bitcoin Hits 15-Month High
Bitcoin Doubters ‘Having A Hard Time’ Continuing Doubting, Says Nexo Exec.
“I think, you know, the doubters are having a really hard time continuing their cause.”
Before, Trenchev also explained that he believes that the reasons behind bitcoin’s rise are increasing institutional participation, and the geopolitical turmoil (probably referring to the U.S.–China trade war). He also said:
“[During] the bear market of 2018, we’ve seen even the harshest proponents turning skeptical at some point, and this usually is the inflection point from which, you know, assets start rallying again, but I think it is really about institutional support and implications that it has in terms of mass adoption.”
Trenchev also hinted at Facebook’s Libra and JPMorgan’s JPMCoin as further catalysts responsible for the current rally alongside news concerning major financial services firm Fidelity joining the space and the Yale endowment fund investing in crypto. All those facts, according to him, are signs that people are realizing that bitcoin is here to stay.
As Cointelegraph reported earlier today, Jeremy Allaire, co-founder and CEO of payments company Circle, believes non-sovereign cryptocurrencies such as bitcoin will continue to see growth despite the proliferation of new forms of digital assets such as Facebook’s Libra and stablecoins.
Also today, news broke that ThinkMarkets chief market analyst Naeem Aslam predicts that bitcoin will hit somewhere between $60,000 and $100,000 during its next bull run.