Bitcoin achieved a new milestone on Sunday with its price smashing past $9000 levels. Other metrics suggest a strong buildup of the Bitcoin technicals and fundamentals.
On Sunday, June 16, the Bitcoin bulls raged-in again as the world’s largest cryptocurrency surged past $9000 levels making a new high for the year. At the press time, Bitcoin (BTC) is trading at a price of $9219 with a market cap of $163 billion. As per CoinMarket, Bitcoin 24-hour trading volumes have moved past $23 billion.
The Bitcoin rally started in April 2019 and since then Bitcoin has been constantly on the upward trajectory. While there have been healthy corrections in between, the bulls have kept the momentum going. Bitcoin (BTC) currently dominates 57% of the overall cryptocurrency market cap.
Opinions By Crypto Experts and Analysts
Crypto experts and analysts have given different targets for Bitcoin this year. Speaking about the potential drivers for the Sunday rally, analysts have different assertions and reasons behind.
Facebook’s Project Libra is likely to launch this week. Experts in the past have predicted that the arrival of Facebook’s native cryptocurrency GlobalCoin will act as a catalyst for Bitcoin. Barry Silbert, the founder of Digital currency Group tweeted about the same last Friday. He stated that Facebook’s GlobalCoin launch can considerably boost crypto adoption.
The launch of Facebook’s cryptocurrency will go down in history as THE catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important — and transformative — as the launch of the Netscape browser
Buckle up
— Barry Silbert (@barrysilbert) June 14, 2019
Chris Burniske, a partner at New York-based venture capitalist firm, Placeholder, thinks that Bitcoin acts as a hedge to the dropping Chinese Yuan price. Burniske expressed his views on Twitter in a series of tweets this Saturday, June 15.
8/ Furthermore, the US’s trade war with China, China’s tightening of capital controls to limit funds fleeing the country, and a weakening yuan all added fuel to $BTC’s fire.
— Chris Burniske (@cburniske) June 15, 2019
9/ Interestingly then, we have #bitcoin satiating appetite for risk in the West and much of the world, while simultaneously serving as a risk-off hedge in China.
— Chris Burniske (@cburniske) June 15, 2019
Bitcoin Has Over 1 Million Active Addresses
In yet another important milestone, Bitcoin has managed to cross 1 million active addresses last Saturday, June 15. It is for the second time that bitcoin has achieved this landmark, the first being in November 2017. The data from CoinMetrics notes that there are over a million daily active addresses (DAA) that are currently using Bitcoins.
With one million addresses, it indicates that the Bitcoin adoption is significantly on the boost. Cryptocurrency analyst Kevin Rooke was the first to point out about this newly attained milestone. He spotted it when Bitcoin was trading around $9300 price yesterday with an average transaction fee of $3.23.
“nOboDY uSeS BiTcOin”
🚀🚀🚀 pic.twitter.com/JvMaBtu0jL
— Kevin Rooke (@kerooke) June 15, 2019
On the other hand, data from Blockchain.com suggests that the Bitcoin network hash rate has crossed 62 quadrillion hashes per second last Friday, June 14. The “hash rate” metrics indicates the miner’s performance and indicates the speed at which Bitcoin miners add new blocks to the network.
Moreover, in a recently published op-ed piece by Bloomberg analyst Aaron Brown predicts that Bitcoin rally could be fuelled by the increasing strength of its fundamentals along with other global finance events.
Brown states that the boom and the bust action for Bitcoin price won’t stop immediately. Moreover, Brown is bullish to the extent that if Bitcoin price action mirrors the bull run of 2017, it can go even as high anywhere between $60,000 to $400,000 followed by a sharp decline.
