Did the Annual NYC Blockchain Week Allow Bitcoin Price Momentum to Hit $7,500 BTC/USD Rate?
Bitcoin (BTC) has recently surged more than 40% in the last few weeks, which shows how bullish the market is about Bitcoin and digital currencies. NYC’s Blockchain Week 2019 could have had an influence over Bitcoin’s price and how it behaved in the last days.
Bitcoin Skyrockets During NYC’s Blockchain Week
Meetings and events related to Bitcoin and blockchain technology tend to have several supporters and attendees. Several experts talk during these events and some projects launch new products as well. Between May 10 and 17, in New York City, experts from the blockchain and crypto space gather to discuss different topics and subjects regarding virtual currencies and distributed ledger technology (DLT).
The digital currency was able to surge 40% reaching $7,500 the highest price in around 8 months. Indeed, the co-founder of the Gemini exchange, Tyler Winklevoss, showed his support for the event in NYC by asking whether we should rename the Blockchain Week to Bitcoin Week.
In 2017, the Consensus Conference held between May 22 and 24, the digital currency has also experienced an impressive increase of 60%, which is very impressive. Although the price has corrected afterward, it showed that the conference was a very important catalyst for Bitcoin to increase in value during that period of time. Nonetheless, the same event didn’t have a positive effect on the market during the 20018 bear trend.
One of the most popular analysts in the cryptocurrency market, Thomas Lee, explained that Bitcoin was going to be experiencing a price increase during Consensus 2018, which in the end, didn’t happen. Lee, the head analyst at Fundstrat Global Advisors, has always been promoting Bitcoin and predicting the digital asset to reach new all-time highs.
Currently, at the time of writing this article, Bitcoin stabilized around $7,050 in most exchanges. According to CoinMarketCap, the virtual currency has a market capitalization of $7072.