Bitcoin Makes a New 2019-High Above $7500 With Massive Trading Volumes
It has been a phenomenal weekend for all the Bitcoin investors as the world’s largest cryptocurrency made massive gains on Sunday, May 12. Bitcoin surged all the way to move above $7500 hitting its new high for this year of 2018.
It is after eight long months after August 2018 that Bitcoin is seen trading back above the $7500 level. Looking to the seven-day chart for Bitcoin (BTC) on WorldCoinIndex, the cryptocurrency made a steady surge over the last week.
The BTC price surged by 20% in the last one week moving from $5800 levels to all above $7500. Furthermore, we can also see that over the weekend, Bitcoin graph shows a sharp rise northwards. Sunday’s price surge saw Bitcoin (BTC) trading volumes going close to $15 billion as per our data.
At the press time, Bitcoin (BTC) is trading at a price of $7336 with a market cap of $130 billion. Several analysts and experts from the cryptocurrency sector note that Bitcoin is currently under the accumulation zone and that it is setting up a new base for next bull run.
After a heavy crypto winter and massive downturn for almost 15 months, Bitcoin started regaining its lost ground since April 2019. Over the last 50 days, Bitcoin has gained nearly 80% with its current. This makes Bitcoin as the best performing asset class over stocks and oil.
Mark Yusko, the CEO and Chief Investment Officer at digital asset management firm Morgan Creek Capital made a bold prediction on the future price of Bitcoin. According to Yusko, Bitcoin will replace gold in the next decade with its price touching $400,000.
Speaking on this matter to BloxLiveTV, Mr. Yusko said: “Gold […] has been hard money for 5,000 years. […] It’s about 7.4 trillion dollars in value. The best thing about Bitcoin is it’s digital gold. It’s much easier to transport; it’s much easier to divide. […] It has all these essential qualities that I think are superior to gold. If we get the amount of value equal to gold, that would be about 7.4 trillion, divide that by 21 million coins, you get around $400,000 per coin, maybe $500,000 per coin. When does that happen? It might be a decade or more”.
In the last few months, institutional players and companies are gearing up for their entry in the crypto sector. One Fidelity spokesperson recently confirmed that the financial giant will soon start Bitcoin trading service targeted towards institutional players. Other players like ICE and Nasdaq are also gearing up to launch their products and services in the market.