Back in 2017, Bitcoin was the biggest news story of the year after it went on a jaw-dropping bull run and reached a price of $20,000 per coin. However, from those heady highs, the bitcoin price soon started dropping and throughout the course of 2018, Bitcoin and the crypto market at large were on a bit of a tailspin.
However, 2019 has been a different kind of year for Bitcoin as the price continued to surge from one month to the next and as of Tuesday morning, bitcoin price reached an $8,000 mark. It is the culmination of a brilliant year so far and is the highest price it has reached since July last year.
Throughout 2019, Bitcoin price jumped at a conservative pace, but by the end of April and the beginning of May, the price started climbing at a breakneck pace as talk of another monstrous bull run started circulating in the crypto space. On Monday Bitcoin price surged to $8000 but one some exchanges it reached higher prices as well. For instance, on Bitstamp, it reached a price of $8,131, which reflects a 24 hours rise of a massive 17%.
However, the reasons for optimism this time are different. There is a big possibility that significant institutional capital could not put into Bitcoin. Fidelity is all set to open its crypto offering in which big institutional investors are going to be able to buy Bitcoin and in addition to that, widespread institutional interest is being shown for the cryptocurrency.
Is the Bitcoin Price Sustainable?
Despite the current optimism surrounding Bitcoin, the big question remains whether this rally is going to sustain and whether the cryptocurrency the same heights that it did before.