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article imageBitcoin breaks through $11,000 in a huge rally

By Ken Hanly     Jun 22, 2019 in Technology
Bitcoin(BTC) soared above $10,000 yesterday and continued up today breaking through the $11,000 level briefly today. This is the first time it has even broken the $10, level in more than a year.
Gobbole's analysis
Late yesterday at 23:55 UTC Omkar Gobole posted an analysis of bitcoin's (BTC) price movements on CoinDesk. Godbole notes that BTC soared past the $10,000 mark for the first time 15 month at 7:35 in the evening eastern time last night.
When Godbole went to press just before the day ended UTC, bitcoin was trading at $10,080.49 its highest level since March 8 of last year. Month-to-month its gains this year has been in excess of 13 percent according to the CoinDesk Bitcoin Price Index. On a 24 hour basis bitcoin has risen 7 percent.
Bitcoin showing huge gains amid increase in volumes
The price rises are accompanied with a 12 percent increase in trading volume . According to CoinMarketCap $21 billion BTC have been traded on exchanges during the last 24 hours although another source Messari puts the real value at $1.4 volume.
Bitcoin erasing losses from big selloff
Bitcoin has recouped 40 percent of its huge selloff seen in the 12 months before December last year. Prices appear to end the second quarter with triple digit gains. At publishing time BTC is up more than 130 percent on a quarter-to-date basis.
Mining reward change may raise price
In May next year the reward for mining bitcoin will be cut in half. This can lead to a lower supply level boosting price. The process is repeated every four years.
If Facebook's launch of its own Libra cryptocurrency boosts BTC's appeal as some observers believe this could further boost both bitcoin's appeal and adoption. Pundits think that the launch of Libra would be a net positive development for the cryptocoin market in general along with bitcoin.
Godbole thinks that there could be a pullback in the price of bitcoin in the short term even though the long-term outlook is positive. He notes that BTC has rallied more than 140 percent just during the last 2.5 month so that it could be time for the bulls to take a short breather.
Present situation
24 hours ago BTC opened trading at just under $10,000, $9,834. So far that is the low for the day. Far from taking a breather so far today BTC has jumped up over one thousand dollars. The high today has been $11,190. Even at 11:35 Central Daylight Time bitcoin was trading at $10,970 just below the $11,000 level according to CoinDesk data. There could very well be a pull back but perhaps just to consolidate before posting more gains.
All the top twenty altcoins are up, some in the double digit percentage range. The present price of bitcoin and the top other cryptocurrencies can be found here.
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