Cryptocurrencies On The Rally, Bitcoin Goes Above US$ 16,000

Cryptocurrencies On The Rally, Bitcoin Goes Above US$ 16,000

On Thursday Bitcoin closed its price over US$ 16,000 and fetched close to its early January 2018 price. Bitcoin’s increased adoption and market volatility allowed it to ride on the rally since past three months. Recent boost in the rally came after the announcement of PayPal’s integration of Bitcoin into its mainstream system.

The good news for the Bitcoin owners is that on Thursday Bitcoin managed to close its price over US$ 16,000. It took almost two years for the Bitcoin to get this US$ 16K price. Otherwise it was in the early days of January 2018 that the Bitcoin was traded for this price. Since September, Bitcoin is continuously climbing from the price of US$ 10,500.

In its recent climb, Bitcoin had fetched an increase of approximately 3% in last 24 hours. Its current price is US$ 16,190 and had been traded for different prices at various exchanges. For instance at Coinfield, Bitcoin is being currently trading on for US$ 16,284. At Bitex and Bitbay Bitcoin is being trading on an average between US$ 16,300 to US$ 16,380. Similarly at Lykke, its current trading price had been recorded to be US$ 16,430.

In the start of October, Bitcoin was traded for US$ 14,000 and over. However, when PayPal announced that it will induct Bitcoin into its mainstream system, Bitcoin went further up. It was told that PayPal will be launching its own digital wallet wherein customers will trade Bitcoin alongwith other cryptocurrencies. Since the time of PayPal’s announcement, Bitcoin is on an upward rally.

Bitcoin enthusiasts are hoping to see it go further up till US$ 19,000 before the end of this year.

Earlier in the year 2017, Bitcoin was more or less witnessing the same rally. Resultantly, it had acquired a price of more than US$ 19,000 at that time. Market technicians are expecting that Bitcoin will soon surpass US$ 19,000 price barrier before the end of 2020. They were also of the view that the current Bitcoin rally will not going to last so soon. Instead, it will go a long way because there are many anticipated factors which will further boost this rally.