Finance

Bitcoin Value Skyrockets Toward $13,000 as Panic Grips Crypto Market

Bitcoin value skyrockets
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The price of the world’s most valuable and in-demand cryptocurrency hit a 17-month high on Wednesday, with bitcoin going above $12,900. This month alone, the digital currency is already up 40 percent this month.

Verifiable information from CoinMarketCap reveals that bitcoin has surpassed 60 percent market dominance for the first time since April 2017, with a capitalization of $226 billion. The cryptocurrency’s year-to-year performance is up by more than 250 percent, according to Messari.io.

Related: 4 Steps to Getting Bitcoin

Ethereum, the second-biggest cryptocurrency, was up 5.5% on Wednesday, taking its gains to 150% for the year.

Some cryptocurrency analysts link the enthusiasm in cryptocurrencies to the release of Facebook’s cryptocurrency libra, among other factors.

Predictions from crypto experts is that Bitcoin (BTC) prices could match their all-time high of $20,000 within the next two weeks and could hit $50,000 – $100,000 by the end of the year.

eToro analyst, Simon Peters believes this is the dimension Bitcoin is going.

Related: How to Buy Bitcoin in Sydney Like a Pro

According to the analyst, it took seven to 14 days for the cryptocurrency to reach the record figure of $20,000 when it was last at $11,800. He, however, cautioned that his short-term prediction is based on the assumption that bitcoin maintains its current parabolic trajectory.

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Emenike Emmanuel
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