Bitcoin’s market value is up more that 150 percent this year according ArmyOfBitcoin.com. In a recent post from that site on Yahoo Finance, Bitcoin (BTC) rallied to a high of $9,391 this Sunday on the Binance digital asset exchange.

This rally started early last week when the value of bitcoin retreated to $7,524. The 22 percent gain since that point has rekindled the fire that has been driving the price upward all year long. At its all-time high in December of 2017, BTC’s value hovered around $20,000.

What Is Drive This Huge Bitcoin Rally?

There are a number of forces driving this continued crypto rally, one being widespread speculation among long-time investors. There is also new money flooding in from people looking to prosper from this bull run.
It has also been suggested that “GlobalCoin” is driving the most recent rally. Prices actually fell backward once bitcoin crossed the $8000 price threshold. The social media giant is expected to unveil its own stablecoin on Monday, June 17. The actual launch date of this initiative will take place sometime next year in 2020.

Facebook’s GlobalCoin already has financial backing from more than a dozen companies related to the crypto industry. One of those companies is the Digital Currency Group with Barry Silbert as founder and CEO. Spencer Bogart is General Partner at Blockchain Capital. He has gone on record as saying that Facebook’s entry into the crypto market will provide even more momentum for bitcoin. This momentum should carry through into 2020.

In a series of Bitcoin price prediction tweets on the matter, Bogart added:

“Does bitcoin need this? Of course not- but at the highest level, there are two primary reasons why it’s a bullish catalyst for bitcoin.

“First, it potentially eases the biggest friction in acquiring digital assets like Bitcoin (onboarding): the transition from fiat to digital assets.

“Second, it catalyzes the buildout of infrastructure to support digital assets (custody, wallets, compliance etc.) among large financial institutions and payment providers that to-date, have taken a “wait and see” approach.”

It will be interesting to see where this rally goes from here as the Facebook situation continues to unfold.

Summary

Article Name

Bitcoin Digital Asset Rally Has Value Hitting 13-Month High

Description

2020 Bitcoin Price Prediction. See Why Bitcoins Digital Asset Rally Has Value Hitting 13-Month High At ArmyOfBitcoin.com.

Author

Vladimir T

Publisher Name

Army Of Bitcoin

Publisher Logo