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Bitcoin price erupts to cross $8000

May 14, 2019 | Cryptocurrency | Analysis

Touching new heights, the price of bitcoin surged nearly 15% just under 24 hours to touch the mark of $8000 from $7000. The spike in price also reflected in the market dominance of bitcoin, which is also up by nearly 10% since the start of 2019 and is currently around 60%.


(ImageSource - Trading View)

Going with the influx the capitalization of the entire cryptocurrency market has grown nearly 30 billion from ~ 210 billion to ~ 240 billion. And major alts like ethereum, ripple, bitcoin cash are also following the green candles.


(Image Source - CoinMarketCap)

Although many were expecting a pullback in the price of bitcoin around $7000, however, factors like FOMO and a significant surge in the volume of the coin on major exchanges like BitMEX and markets such as CME seems to have averted that possibility.

BlackHorse Group’s Managing Director Adrian Lai speaking to WSJ said that “(crypto) market isn’t really reacting to negative news”  which he believes to be a sign that crypto winter is over.

Lei also highlighted the probable effect of the ongoing trade war between China and the US, where bitcoin is presenting itself as a strong alternative as well as a fresh opportunity for investment.

Amongst this vertical movement, many traders are being cautious in the anticipation of a  retracement. Still, the price impetus might help to curb its extent.

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Cryptocurrency Prices

  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)
  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)
  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)
  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)