For those who might be living under a rock, Bitcoin may be back. The often-criticized cryptocurrency soared past the $10,000 mark on Friday, and ultimately past $11,000 for early Saturday, before dropping back down a bit.
As reported by Cointelegraph, it’s the first time since March of last year that Bitcoin has moved past the $10k mark. At the time of their report, the popular cryptocurrency was up by 13 percent. It was joined in the bullish pattern by several other popular cryptos including Ethereum (ETH) which went past the $300 mark while Litecoin (LTC) reached around the $140 mark.
As far as what brought about the latest move, there could be several pieces of key news. Earlier this week, Facebook announced its association with the Libra project to bring a new stablecoin cryptocurrency to the masses. As that was happening, it brought more mainstream awareness to cryptocurrency in general, and also possibly gave some people more reason to put money into BTC as a hedge bet for the future.
There were also comments from Peter Brandt this past Friday. The professional traded tweeted out that he believes Bitcoin is aiming for a target of $100,00. Brandt cited a “fourth parabolic phase dating back to 2010” as evidence of the move. He also said, “Bitcoin is a market like no other” after praising the parabolic nature of BTC’s log chart.
Brandt also posted a table with his tweet, giving evidence of Bitcoin’s increase over the years. From the period of October 2011 through December 2017, the crypto was up 9,765 times its value.
The Bitcoin bullish nature and cryptocurrency, in general, continue to have those who are bearish or skeptical. However, it’s survived plenty of those sentiments since its launch over a decade ago. It’s still about halfway towards its previous all-time high of just over $20,000, which some experts believe could arrive this year, and others predict will arrive in 2020.
As of this report, the Coinbase exchange had Bitcoin at a price of $10,841.58 or up by over 10 percent in the past 24 hours. Ethereum (ETH) was up by eight percent at just over $308, while Litecoin (LTC) was up by nearly 3 percent at $140.96.