Bitcoin to Have a Better Future; Surpasses A more than 15-Month High

As a pilot project from Facebook brings cryptocurrencies back into the limelight, Bitcoin crossed the $11,000 mark on Monday, creating a more-than-15-month high.

The digital coin beat the intraday high of $11,307.69 around 5.30 am (HK/SIN time) on Monday, as per Coindesk’s Bitcoin Price Index, which calculates the price of cryptocurrency across several exchanges. Since March 5, 2018, that’s the highest point. Bitcoin had cut some of those profits and was dealing at around $10,624 at 10.05 am (HK/SIN time).

Investors appear to be moving on from the memories of the explosion of the bitcoin bubble after it reached a record high of more than $19,000 in December 2017. The price of the cryptocurrency lowered significantly during 2018 and the beginning of 2019, when it dropped to the low-to-mid $3,000 mark.

“The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously,” said Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups.

Bitcoin has risen over 170.0% this year. The increase of Bitcoin has also aided in lifting the price of other digital coins like Ethereum, which has doubled this year.

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