Bitcoin hovers above $12K, Morgan Creek predicts rise to $100K

  • by Ofeed Team
  • July 9, 2019, 15:26 AM
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The price of Bitcoin managed once again to trade above $12,000, where the current market cycle may take the price to a new top level.

After a drop under $10,000 at the beginning of July, the Bitcoin rebounded to achieve strong gains and pull up other encrypted currencies like Ethereum, Ripple's XRP and Litecoin.

The Bitcoin has risen close to the highest levels in a year over the past 24-hour trading period, to $12,883.5 on BitStamp cryptocurrency exchange.

However, the price has so far failed to reach this year high recorded at $13,880 on June 26, but it may be preparing for another strong rally.  

Meanwhile, the rate of fragmentation of bitcoin, a measure of the miners ' account in Bitcoin in the Bitcoin network, reached its highest level ever late last week, with data showing its rise to more than 74.5 million fragmentation per second-an increase of more than 100% in this last year.

Morgan Creek Capital Management CEO Mark Yusko suggesting that bitcoin’s “path to $100,000 by 2021 is really quite easy to draw out.” This represents an increase of 733 percent over the next two years, which is unheard of in other asset classes.

Bitcoin has been attractive from a basic and technical perspective, with catalysts such as institutional adoption, especially after the Facebook’s announcement to its Libra coin. The crypto market can also benefit from the slowdown in the global economy, which should prompt investors to embrace the bitcoin and other cryptocurrencies.

Concerning other top digital currencies, Ethereum rose more than 2 percent to $314.27, while Ripple reached $0.399 after rising more than 1 percent. Litecoin moved in the same direction to reach $121.09 after rising 1.48 percent.

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