After days of holding back between $6,400 and $6,700 resistance level, Bitcoin is finally reaching at $7,000 price level. Bitcoin reaches a substantial price recovery after a long time that give market a total capitalization jump to $225 billion. Bitcoin price increases by more than $200 on Tuesday (August 28, 2018), reaching $6,916 as of 7 am UTC. The sudden climb occurred at 12 am UTC as BTC rose from $6,766 to above $6,900 in a matter of 35 minutes. At press time, BTC was trading at $6,935 having risen by more than three percent in the last 24 hours.
100 coins have experienced positive raise
Bitcoin is currently at its highest price since August 7, right after a series of drop that created so much disappointment in Crypto market. Apart from Bitcoin, other coins appear to perform well. ETH and XRP have experienced a raise but MIOTA is the best performing coin, rising by more than 15 percent in 24 hours. NEO is at second position, gains increase by 13 percent, DASH by 21 percent.
Tom Lee has since the beginning of the year, predicted that Bitcoin would end 2018 at $25,000. Lee said he expects BTC to end the year “explosively higher.” Speaking to CNBC, Lee highlighted the correlation between hedge fund investment, emerging markets, and the price of BTC. According to Lee,
Signs point to an aggressive price climb for the top-ranked cryptocurrency. The switch between “risk on” and “risk off” for hedge funds as well as the fluctuating stock market prices directly impact the price of Bitcoin. Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying Bitcoin.
Some analysts suggest that crypto currency is used a lot more than people can imagine. They are convinced that most economics outside the United States are, in fact, decentralized. It is lot easier to transfer money from one country to another than by using a third party like western union or money brokers. These money transfer agents charge up to 15 percent of remittance while Bitcoin transaction only cost a small fraction of that amount.
Do you still think Tom Lee’s $25,000 Bitcoin price prediction will come true by the end of the year? What is your predictions for the Bitcoin or any crypto currency in fact?