Bitcoin Traded Above $ 11000
For the first time in 15 months, Bitcoin traded above $ 11000.
What’s shaping is the parabolic increase that captured the attention of mainstream investors before the crypto bubble burst last year.
“The bounce-back of Bitcoin has been fairly extraordinary,” said George McDonaugh, chief executive and co-founder of London-based blockchain and cryptocurrency investment firm KR1 Plc. “Money didn’t leave the asset behind, it just sat on the sidelines waiting to get back in.”
In late 2017 Bitcoin had a furious run higher with a top above $19.500.
“The market has matured greatly since the last time Bitcoin crossed $10,000,” said Matt Greenspan, a senior market analyst at eToro. “This run is far more justified given the current level of adoption.”
This time there are signs of renewed interest in Cryptocurrencies and the underlying blockchain technology, most prominently Facebook Inc.’s Libra.
Libra “is validating the crypto space and sending all the major digital coins higher,” said Edward Moya, chief market strategist at Oanda Corp. in New York. “Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels.”
The speed of rally has some observes warning caution is once again warranted.
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