By
Chimamanda U. Martha
April 19th, 2024
Bitcoin price surges past its crucial resistance of $6000 as the bulls take the charge to push the world’s largest cryptocurrency northward.
Today, May 9, the world’s largest cryptocurrency Bitcoin (BTC) price has achieved a new milestone for 2019. Breaking its major resistance, Bitcoin has surged past $6000 levels for the first time in 2019. At the press time, Bitcoin (BTC) is trading at $6100 with a market cap of $107 billion.
The last time Bitcoin was trading above this level was on November 15, 2018. But just within a month’s time by December 2018, the cryptocurrency crashed to a lower level of $3100.
After hitting its all-time high on December 2017, Bitcoin had undergone a massive price crash until April 2019 after which the cryptocurrency again started gaining a northward momentum. Since April 1, 2019, Bitcoin has recovered nearly 40% as on today. Also, last week on Friday, May 3, Bitcoin price crossed its $100 billion for the first time in 2019.
On Wednesday, May 8, CoinSpeaker reported some import technicals like the support and resistance of Bitcoin (BTC). The cryptocurrency is very close to its first technical resistance of $6121 after which we can confirm a bullish trend. With today’s price surge, Bitcoin dominates nearly 57% of the overall crypto market cap, according to CoinMarketCap.
Today’s Bitcoin price rally comes even after crypto exchange Binance lost 7000 BTC tokens on Tuesday, May 7 in a major hack. It shows that the bulls have taken up the charge, suppressing all the negative sentiments around Bitcoin.
Bitcoin Remains a Hot Topic of Debate
Despite Bitcoin showing a new hope, it continues to remain a hot topic of discussion between its supporters and critics. Earlier this week, popular Bitcoin critic Nouriel Roubini engaged in a hot discussion with hedge fund manager Mike Novogratz.
While speaking at a conference, Roubini called crypto as the “mother and father of all bubbles” and added that he doesn’t care about Bitcoin’s fate. Roubini added that the term ‘cryptocurrency’ is “totally a misnomer”. “To be a currency, you have to be a unit of account, valuable and a scalable means of payment,” he said.
However, Bitcoin bull and supporter Mike Novogratz presented a different viewpoint. He said:
“The reality is there’s a tremendous amount of stuff going on. In some ways, there’s been a small miracle. The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to [store] their value.”
Novogratz also pointed out how traditional institutions are warming up to the crypto industry, especially Bitcoin. Earlier this week, a Fidelity spokesperson confirmed that the company will soon launch its Bitcoin trading service within weeks. Currently, the financial giant plans to roll out the service only to institutional players. Fidelity’s crypto custody solutions are already live since March 2019.
On the other hand, ICE’s Bakkt continues to make further development in its plans. The Bakkt platform aims to boost crypto usage among retail as well as institutional players.
One thing that has been stopping institutional players from participating in the crypto market is the lack of enough custody solutions. With big financial players like Fidelity, ICE, and others rolling up their plans, we expect the scenario to change in the coming years.