Bitcoin price has once again hit a new record in 2019 by climbing above $8,900. In May, last year, Bitcoin had surged to $8701.46 mark, to break this record the leading cryptocurrency waited for a year and finally in May 2019; it outperformed its previous performance.
The latest Bitcoin run is due to the volume injection of worth 50 million dollar (USD) that forced the digital asset to reach the highest level. If the upward trend of Bitcoin continues, then, the analyst believes it might hover at $10k.
On the earlier day, bitcoin was trading at $7,890, and within hours the price of Bitcoin was up by 13 percent, making it to reach a new high to $8,735. Bitcoin in May 2019, was noticing both upwards and a downward trend in its performance, on May 17 Bitcoin price traded at the lowest level at $6,600 later large amount of buying forced the bitcoin prices to climb up at $7,300 on the same day.
As per price data, the bitcoin volume has nearly increased by 22 percent, on May 26th, at 19.45 the bitcoin was trading at $8,500 and in few hour bitcoin climbed to more than $8,700 mark. Looking at the data, bitcoin is changing its performance.
A source reported that Max Keiser the Wall Street veteran said that value of bitcoin was rolling up for a five digits move, now appears to be coming true.
Why is Bitcoin climbing?
The performance of bitcoin for the year 2019 has been big; nearly 130 percent of price growth and most of the achievements were noticed within the previous two months. The bitcoin price surge is remarkable, but the bitcoin rally could have been even better if investors had not waited to earn profits after the weak performance of bitcoin in 2018.
Eamonn Sheridan, ForexLive analyst: bitcoin does not require reasons to climb up, and it will always give surprises to investors and more than they believe.
The market opinion is high, Bitcoin’s Twitter movement has increased by 2x in 2019, and this could be due to huge developments and institutions rooms opening. This is one of the reasons for the sudden increase in the bitcoin price.
Bitcoin surges all-time high in Argentina
Bitcoin is not only rallying in the crypto market, but also in some countries against their fiat currency. Yes! It’s performing better than their national currency. Just recently, in Argentina, bitcoin broke its all-time high record against Argentinian peso (ARS) due to fear of high-inflation. The bitcoin is currently trading at more than $20000 in Argentina based on the dollar. In Argentina, the Bitcoin price crossed all its previous records of high level and reached over 3, 50,000 pesos Argentino. At around 5.00 UTC on May 27th, bitcoin was trading at 3, 925, 87.47 Argentine pesos.
There is fear among people if the former president and unorthodox policymaker Cristina Fernandez de Kirchner gets elected to deputy presidential post might adversely impact the parliament. The General Election is scheduled to take place on 27th October 2019, in Argentina and as per the opinion, the economy lacks confidence due to fear of the return of orthodox leader. At the time of her Presidential tenure, she had negatively impacted the economy with her policies.