The price of Bitcoin rose above $ 10,000 in exchanges of crypto-coins for the first time in 15 months. The price jumped the $ 10K barrier at 7:35 pm Eastern Time.
At the time of publication, the top of the market capitalization criptomoeda is trading at $ 10,080.49 – the highest level since March 8, 2018 – representing a cumulative gain of 13%, according to CoinDesk's Bitcoin Price Index. On a 24-hour basis, BTC is surpassing most of the top 10 crypto-coins with gains of 7%.
The price increase is supported by a 12 percent jump in trading volumes. According to data source CoinMarketCap, $ 21 billion in bitcoins have been traded among the crypto-currency exchanges in the last 24 hours. Messari, however, is reporting the "Real 10" volume at $ 1.4 billion.
With the move above $ 10,000, bitcoin eliminated more than 40% of the sell-off seen in twelve months through December 2018. In addition, prices appear to be ready to end the second quarter with three-digit earnings. So far, the BTC has risen more than 130% on a quarterly basis.
Half on the horizon
Looking ahead, the BTC may continue to shine, as the cryptomoeda is expected to be rewarded in half by May 2020.
The process designed to contain inflation, reducing the reward for mining in the blockcock of bitcoin, is repeated every four years and leads to a deficit in supply.
The next half-reward may leave a greater deficit of supply if Facebook's encrypted pound ends up increasing the appeal and rate of adoption of bitcoin as expected by some observers.
On Tuesday, the social media giant launched the white paper for mixed reviews with experts, a positive development for bitcoin and cryptocurrencies in general.
While the long term prospects of bitcoin look bright, the cryptomeo may see a retreat in the short term. After all, prices have risen more than 140% in the last 2.5 months and bulls usually breathe after those stellar gains.
Disclosure: The author does not have crypto-coins at the time of writing
Image of hot air balloon via Shutterstock; charts by TradingView