Bitcoin Breaks $5K USD in 2019
For the first time in 2019, the price of a bitcoin has risen to above $5,000 USD.
This dramatic increase comes after what has been called a “cryptoeconomy winter” which has seen the price of bitcoin moving mostly laterally since the end of 2018. The price of Bitcoin took a sharped swing upwards, jumping 20 percent – triggered by a single trader.
All Due to a Single Buyer?
According to a Reuters article on this subject, an anonymous buyer might have triggered the price increase with a buying order worth approximately $100 million USD spread across the exchanges Coinbase, Kraken and Bitstamp. Analyzing the trade, it shows that around 7,000 BTC were moved in a single hour, triggering the dramatic rise. As we cover in the accompanying video, the trade volume clearly shows on CoinBillboard how the massive increase in volume led to the price swing upwards.
Given that the price of Bitcoin is quite volatile, it is not guaranteed that this price increase will sustain, and many bears are already calling it a false bottom. However, there are many others who believe that Bitcoin is severely undervalued, and that is only a matter of time until we see a rise in prices that will eclipse the levels reached in 2017.
Article Produced By
George Levy
George Levy is Chief Marketing Officer for Bitsonline, and an Instructor on blockchain and cryptocurrency at Blockchain Institute of Technology (BIT). An award-winning digital entrepreneur with over 20 years of professional experience working with Internet and digital technology, George Levy is on a mission to spread and grow the impact of blockchain technology across the globe.