What Factors Helped Bitcoin Near $6,000 BTC/USD


  • 📈BTC's low is $3,239 (Dec. 16, 2018 Market Cap $56.6B) during its 4th bear market
  • 🎯Bitcoin was $3,977 BTC/USD 42 days ago on March 26, 2019, Nears $6,000 today

Which Are The Metrics Pushing Bitcoin ($BTC) to $6K

WhichAreTheFactorsHelpingBitcoinReach6000

Bitcoin (BTC), the largest digital asset in the market is currently being traded at its highest point in 2019. The digital asset is showing price momentum and investors are very excited about the future of this virtual currency, but how obvious are the reasons when it gets so much backlash from the likes of Warren Buffett, Jamie Dimon and Economists galore.

But which are the factors helping Bitcoin be traded close to $6,000?

Bitcoin Approaches $6,000 BTC/USD Exchange Rate

This year has been very positive for Bitcoin. The digital currency became the best performing asset this year compared to other traditional indices, bonds and stocks. The $6,000 level is very important for Bitcoin. In 2018, $6,000 was the support level for the asset until November 2018.

At the end of the last year, Bitcoin dropped down to $3,150 and it has been traded under $6,000 since then. In April, Bitcoin experienced a very bullish price action in which it was possible for the digital currency to surpass the $4,200 level. According to the crypto analyst and trader Alex Krüger, this marked the end of the bear market for Bitcoin that started in January 2018.

Although the market has been affected by the controversy around Tether (USDT) and Bitfinex, the buying pressure remains. The cryptocurrency analyst Plan B has also suggested that Bitcoin could skyrocket in 2020 after the Bitcoin’s reward reduction.

Bitcoin is expected to be halving as soon as in May 2020. That means that miners will be rewarded with just 6.25 BTC rather than with 12.5 BTC as it is now. With a growing demand from institutions and retail investors for the digital asset and a lower offer from miners, the price of the virtual currency could eventually experience an important price surge next year.

At the same time, Bitcoin is behaving in a much positive way than other virtual currencies in the market. The cryptocurrency has reached 56% of market dominance in the last few hours, the highest point since September 2018.

Binance also had this beautiful piece of artwork graph to add to the bull market equation:

binancebitcoinbullmarket

Currently, Bitcoin has saw as high as $5,944, according to CoinMarketCap. The largest crypto has currently a market capitalization of over $105.80 billion as a high for today.

Bitcoin’s price is $47,081.49 BTC/USD exchange rate today. The real-time BTC market cap of $877.84 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $18.37 Billion and live coin value change of BTC -3.84 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$47,081.4851 change ~ -3.84%

Coin Market Cap

$877.84 Billion

24 Hour Volume

$18.37 Billion

24 Hour VWAP

$48.26 K

24 Hour Change

$-1,806.31

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