Bitcoin climbs above $9,000

Bitcoin Highest 11K

Bitcoin climbs above $9000. In recent days, crypto-currencies have recorded a nice rebound that have allowed many of them to reach their highest level in 2019. This is the case for example of Bitcoin which flirted with $ 9,400 – a level that it had not seen since May 2018. The famous electronic currency has oscillated since around $ 9,100 – $ 9,200, but some analysts say it could climb to more than $10,000 in the hours to come.

The technical rebound of Bitcoin accelerated on Monday with the crossing of the $9,000 level. The major digital currencies are on levels very close to their annual highs. According to Coinmarketcap, BTC’s capitalization now stands at $ 163 billion, compared with $ 29 billion for Ethereum, $ 18.3 billion for XRP and $ 8.5 billion for Litecoin.

Bitcoin gained 20% in 5 days

In recent days, the price of Bitcoin has risen sharply thanks to a series of indicators and news that have given confidence to investors. These include Facebook’s crypto-currency project, which is much talked about, and the fact that players such as Visa, Mastercard or PayPal — so far very critical about electronic currencies — are becoming interested.

Facebook’s coin could thus facilitate the adoption of crypto-currencies to the greatest number, and should in parallel allow crypto-currencies such as Bitcoin to become more generally accepted. Indeed, the strength of the latter is that it is decentralized, and that it is anonymous (to a certain extent). This will obviously not be the case for Facebook’s cryptocurrency, which will be entirely controlled by the social network.

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1 million active addresses

Beyond the potentiality of Facebook’s coin, it seems that the market has become more dynamic recently and investors have become confident again in the potential of Bitcoin. For example, the daily number of active Bitcoin addresses exploded to cross the million mark on Friday – a figure that had not been reached since November 27, 2017, when Bitcoin began its ascent to the $ 20,000 (December 2017).

The difficulty of mining up

While it had already peaked two weeks ago, the difficulty of mining Bitcoin has increased somewhat in recent days. If the competition is intensifying on the market between the various actors who make their computer power available to the network, it is because they estimate that the remuneration (which is currently 12.5 Bitcoin per block mined) could increase when converted into a fiduciary currency. Since their costs (equipment, electricity) are in fiduciary currencies (USD, EUR …), the value of the remuneration in these currencies is highly important for their activity.

If the scenario of a $ 10,000 Bitcoin is on everyone’s lips, the cryptocurrency market has been extremely volatile in recent weeks, so it would not be surprising to see a small correction for the currency.

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Eddy Shan

Eddie, a passionate video-game player focuses mostly on tech and science related new for The Talking Democrat