Bitcoin price evolution is one of the most fascinating affairs of the whole cryptocurrency industry. Since numerous people around the world have their assets in the form of BTC, they continually check the coin’s behavior before deciding whether to buy, sell, or hold the funds in their wallets.
After ending 2018 and starting 2019 on a sour note, BTC recently started an upward trend that saw the asset surpass $12,000, its highest value in months. However, after Coinbase was briefly down last week, Bitcoin took a slight hit and fell to the $10,000 range. It is clear, though, that the future looks bullish.
Going Up Again
Experts around the industry attributed the momentary lapse to a small sector of the community selling their assets fearing about the volatility of digital assets, seeing how Coinbase, one of the biggest crypto exchanges in the planet, was temporarily down.
At the moment of writing this piece, Bitcoin was exchanging hands at $11,380.47, which is up 5.62 percent over the last 24 hours. BTC’s domination factor is stronger than ever at 62.4 percent, and the upcoming weeks will be crucial while trying to establish what could happen over the rest of the year.
Speaking of Bitcoin’s price evolution, known bull and Galaxy Digital founder Mike Novogratz said to Bloomberg TV this week that the world’s premier digital asset still has significant room to grow, following its current “spectacular rally.” Considering that, at one point this year, Bitcoin nearly collapsed beyond the $3,000 threshold, the recovery can, indeed, be considered superlative.
According to Novogratz, Bitcoin’s surge towards $14,000 and a later correction was expected. He forecasted that the market will consolidate in the $10,000 – $14,000 range for quite some time, before going off again to, potentially; surpass its all-time high of nearly $20,000, which was set on January 2018.
“I don’t think I’m selling the next time we’re up to $14,000. I think the next time we get up there it’s closer to $20,000 […] I don’t expect that in the next few weeks, I don’t expect it till the middle or the end of the fourth quarter,” he stated.
Reasons for the Revival
As reasons to explain the recent price surge, Novogratz explains that several factors, such as Facebook’s entry in the industry through its Libra project and the companionship of Visa and Master Card (two of the most prominent payment processor companies in the planet) come into play.
He also said that the industry has also welcomed “the biggest companies in the world — we also had the investments by the Yale, Harvard and Stanford endowments. All of a sudden the question around institutionalisation has been answered.”
Bitcoin, according to the crypto enthusiast, is cementing its place as the future of money and a form of digital gold. He says that, with time, BTC can be worth approximately $40,000, with much higher projections in longer-term periods of time. For reference, gold’s current market cap is roughly $8.5 trillion, so BTC still has ground to cover.
By Andres Chavez