It’s dejavu over again as Bitcoin have reached another milestone in many months, this time increasing by $1200. Having overcome bearish trends for several months, BTC’s price have continued to grow going past the $8000 mark.
On Monday night, the price of BTC increased to $8,195, that’s an increase of 17.4% or $1214 during the day’s trading period.
According to data gotten from Messari bitcoin traders have traded more than $27 billion worth of BTC in the last 24 hours across several exchanges. Although it is important to note that $2.1 billion was traded on just 10 cryptocurrency exchanges. Bitwise Asset Management is acknowledged as one of the exchanges that report accurate figures.
This new figure, however, is not irregular as analysts have been expecting a price surge for some time now. What a lot of them do not comprehend was how fast it would be. BTC has been seeing aggressive growth so far in 2019 rising more than $1000 in less than 48 hours.
Concerning Messari’s data, over the course of 3 months the digital currency has seen an increase of 127% in price. This figure represents 60% of the total accumulated price in the last 30 days.
As the price of BTC continues to increase, other alt-coins have also seen a notable surge in price. The likes of Binance BNB coin and the Bitcoin Cash (BCH) that was hard-forked out of Bitcoin are both reporting double-digit growths in the last 24-hours.
More so, Bitcoin market capitalisation is now at 60%. Experts believe this is a sign that its progress is outpacing other digital currencies in the space.
We’ve seen this kind of surge before in 2015 when the price of BTC increased to a record high of $20k in 2017 from $198 on Aug. 25, 2015, after the end of a bearish market just like we’ve been experiencing for months now.
At that time, the price trend of BTC entered a round loop after achieving a low of $198 on August 25, 2015, and subsequently experienced a 150% increase before increasing to $499 on November 4th 2015.
Is #bitcoin repeating history again?
The current parabolic rise looks very similar to how the previous bear market in 2014-15 ended. $BTC/USD increased roughly 150% from previous lows on both occasions. pic.twitter.com/LQa8iBnR4S
— CoinDesk Markets (@CoinDeskMarkets) May 13, 2019
As it is, history looks to be playing a trick as the market has entered a recurrent loop all over again having increased by nearly 150 per cent since its low of $3k as at December 15 2018.