Bitcoin’s May Bull Run Continues – $1,500 Next?
An increase in global trading activity has spurred bitcoin to yet another all-time high on Tuesday, reaching $1,484 on some exchanges as of mid-day before retreating. The cryptocurrency’s price has increased seven percent in the first two days of May.
Chris Burniske, Blockchain Products Lead at Ark Invest Management, said on Twitter that the cryptocurrency’s market cap is “arguably more important” than its price. He noted it was two times what it was at its Nov. 2013 peak. He also pointed out that bitcoin was at $450 per coin one year ago today.
Other cryptocurrencies like ethereum are also at or near record highs as a result of the run-up. Ethereum’s ether has gone over the $80 mark, an all-time high. Litecoin is now over $15, while Dash is now over the $85 mark. Monero is around $22, while Zcash is at $93.
LAST WEEK’S HIGH
A single bitcoin hit $1,331 on some exchanges last week, topping the previous record high of $1,325 set on March 10 of this year. Prices have fluctuated this year, rising 20 percent at the beginning of 2017, only to crash 35 percent when China indicated it would more closely regulate trading.
Bitcoin has been hearing good news lately. The SEC said last month it would review its decision to deny a US-based exchange-traded fund for bitcoin. The agency turned down the bid by the Winklevoss twins in March to establish the ETF, causing a brief price dip below the $1000 mark.
Also in April, Japan formally adopted bitcoin as legal currency, and Russia and India appeared to back off previously harsh opposition to cryptocurrency.
Bitcoin prices have risen more than 30 percent this year, even as it faced continued headwinds from Chinese regulators and skeptics.
