Bitcoin soared d above the $11,000 point on Monday hitting an over 15-month high, as a high-profile venture from Facebook throws cryptocurrencies back into the highlight.
The virtual coin hit an intraday high of $11,307.69 at 5:30 a.m. HK/SIN Monday, in keeping with ac Bitcoin Price Index, which takes under consideration the cost of the cryptocurrency across numerous exchanges. That’s the highest stage since March 5, 2018. Bitcoin had pared a few of these gains and was trading at nearly $10,624.10 at 10:05 a.m. HK/SIN Monday.
Buyers appear to be neglecting some of the memories from the burst of the bitcoin bubble after it hit a record high of more than $19,000 in December 2017. The cost of the cryptocurrency came crashing down throughout 2018 and into the beginning of 2019 where it fell to the low-to-mid $3,000 point.
However, since late February, bitcoin has been rallying higher once again, as leading corporations started to announce cryptocurrency-associated initiatives. Fidelity rolled out a cryptocurrency custody and commerce execution operation in March. However, it was maybe the information of Facebook’s Libra cryptocurrency that helped surge bitcoin.
Blockchain is the underlying expertise behind bitcoin. Facebook’s initiative has yet faced multiple queries from politicians and central bankers who’re keeping an eye on its growth.
Bitcoin is now up over 170% in 2019. The growth of bitcoin has further helped elevate the value of different virtual coins, including ethereum, which has doubled in 2019.