The cryptocurrency market is reaching new heights day by day. The prices of major cryptocurrencies are observing hourly growth at the time of writing this article. According to Coinmarketcap, the major cryptocurrency bitcoin price has increased by 7% on Monday, filing approximately 31% monthly accumulation and more than 150% percent yearly accumulation against the USD.
Critical progress beyond significant $9,000 has developed the mechanical plot, though, it can be assumed that the BTC may reach a stabilization point. The other significant cryptocurrencies ETH plummeted by 1.55% to $266.02, XRP increased by 2.36% to $0.42844, and Litecoin was declining by 0.63% to $134.91. Bitcoin was encouraged by stories that Facebook is ready to launch its cryptocurrency on Tuesday.
What are the reasons behind the recent Bitcoin price rally?
Just a few days ago, when the BTC value was hanging at nearly $8090, the volume of the cryptocurrency was at approximately $598 million. One of the main reasons behind this surge is the expectation of the CME bitcoin futures market.
Also, the impact of a trade ware between various countries is the second reason. Many crypto enthusiasts also think that this surge is because of comprehensive development in the attitude about the crypto market. Another essential reason behind this surge is Facebook’s entry into the crypto world with many organizations as key allies.
If you hold $BNB and decide to reduce exposure due to the incoming Binance news, yet want to maintain crypto exposure, what do you do?
Which would represent a tailwind for $BTCUSD, similar to the $BTC tailwind during the April Tether panic. pic.twitter.com/8N5DoMdBNc
— Alex Krüger (@krugermacro) June 14, 2019
The major cryptocurrency exchange Binance has updated its policies for US customers. This could be one of the main reasons why the Bitcoin price has surged. After this decision, the price of BNB decreased by 12.6% to 25,204satoshis The decrease symbolizes that people have shifted money out of BNB and into BTC, Alex Kruger – a prominent Fundamental & Technical Analyst tweeted about this.
While the mother of all cryptocurrencies, Bitcoin, has hit its highest 2019 price, it would need to keep pushing to become a mainstream currency to main and keep improving the value.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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