Bitcoin Rises Amidst the Announcement of Facebook’s Libra
On Tuesday, the king of cryptocurrency, Bitcoin bounced above $11,254.0, up 3.76%. This has been the largest bounce on a one-day percentage gain since June 22.
This move boosted Bitcoin’s market cap up to $199.1B, or 59.61%. Bitcoin’s highest market cap was $241.2B. In the past 24 hours, Bitcoin has traded in the range of $11,033.7 and $11,255.7.
Over the past few days, Bitcoin has risen in value, gaining 21.06%. A crypto report indicated that there are 3 main reasons for Bitcoin’s current rally; there have been fewer concerns in fraud, the complex conversations on Bitcoin, and the shift of seeing the cryptocurrency as future-oriented.
According to cryptocurrency analysts, they predicted that Bitcoin may continue to bounce somewhere between $60,000 and $100,000 on its next bull run.
They have also previously predicted that on June 17, Bitcoin will hit that five-digit mark or $10,000, saying that its involvement in the institution was the major driver. On the 22nd of June, Bitcoin has reached its highest record in the course of one year, hitting the five-figure mark just like what they had predicted.
On other focus, The Ether (ETH) came short to reaching its target of $335, it rose above $322.06 but it failed to continue its climb. However, this is viewed as a good sign for the cryptocurrency. The jump from $280 to $322.06 shows that it has not given up and is continually strengthening.
Litecoin (LTC) went above $140.3450 on Saturday, but could not maintain the higher level. Bitcoin Cash (BCH) also rallied, going above $481.99 continuing its uptrend. Meanwhile, the EOZ is struggling to move forward, sustaining above $6.8299 for the past few days.
Facebook’s take into the cryptocurrency world has also helped with the revitalization of demand. On June 18, Facebook announced the details of Libra, the long-anticipated cryptocurrency of the social media giant. But problems with regulations are still at bay. The United States House Committee on Financial Services and the Senate Banking Committee are said to host separate hearings about it.
