The Bitcoin price (BTC/USD) has enjoyed some big gains after it broke through the psychological level of $10,000 in late Friday trading.
The original cryptocurrency spent the better part of the Saturday session moving on an upward trajectory, with the coin rallying toward the $11,000 mark. BTC rose to as high as $11,157.35 on Saturday afternoon, before closing the session at $10,701.69.
The Sunday session was largely quiet, with Bitcoin moving within the $10,700-$10,800 range during most of the day. The coin did see an uptick during the final hours of the session, which lifted its price to $11,246.14, its highest level since May 6, 2018. However, that spell above $11,000 was also brief, as the coin finished the day at $10,855.37 following a late pull-back.
Bitcoin declined further during the early hours of today’s session, with its price falling to as low as $10,633.80 in early trading. The coin has managed to pick up in more recent trading, erasing its early losses. At the time of writing, the Bitcoin price was hovering around the $10,900 mark, according to data from digital currency tracker Coinmarketcap.
According to Kenetic Capital Jehan Chu, Bitcoin’s latest rally is “due to two major factors”.
“[O]ne 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,” Chu said in recent comments to CNBC.
Fundstrat Global Advisors’ head of research, Tom Lee, recently expressed a similar view, saying that Facebook’s move into crypto “is a complete validation that mainstream is now focused on cryptocurrencies”.
In today’s trading, the Bitcoin price stood at $10,910.93, as of 11:14 BST. The digital coin has gained 2.6% in the past 24 hours. The coin’s total market capitalisation currently stands at almost $194 billion, which represents 59.2% of the total value of all digital currencies.
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