Bitcoin Price Breaks $5,000 for the First Time in 2019! What Happened?
The price of a bitcoin has broken past the $5,000 USD mark for the first time in 2019. Find out what happened behind the scenes to trigger this price increase.
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Bitcoin Breaks $5K USD in 2019
For the first time in 2019, the price of a bitcoin has risen to above $5,000 USD.
This dramatic increase comes after what has been called a “cryptoeconomy winter” which has seen the price of bitcoin moving mostly laterally since the end of 2018. The price of Bitcoin took a sharped swing upwards, jumping 20 percent – triggered by a single trader.
All Due to a Single Buyer?
According to a Reuters article on this subject, an anonymous buyer might have triggered the price increase with a buying order worth approximately $100 million USD spread across the exchanges Coinbase, Kraken and Bitstamp.
Analyzing the trade, it shows that around 7,000 BTC were moved in a single hour, triggering the dramatic rise. As we cover in the accompanying video, the trade volume clearly shows on CoinBillboard how the massive increase in volume led to the price swing upwards.
Given that the price of Bitcoin is quite volatile, it is not guaranteed that this price increase will sustain, and many bears are already calling it a false bottom. However, there are many others who believe that Bitcoin is severely undervalued, and that is only a matter of time until we see a rise in prices that will eclipse the levels reached in 2017.
What are your thoughts on the price of Bitcoin? Do you believe that this may be the start of another bull run and price increase? Or is this price increase just a temporary blip which will soon fade away? Let us know in the comments section below.
Image via George Levy