By : Another day, another new high for the price. is currently at nearly $8,300, which according to CoinMarketCap data is a new 2019 high for the biggest . On , the price already attained $8,300 though it has pulled back slightly. While it’s not the first time that the price has surpassed this level historically, the market has stronger fundamentals fueling the gains this time around.
The excitement in the crypto community is palpable. Co-Founder Tyler Winklevoss noted that “breaking 8k this time feels a lot different than the last time.”
breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! 🚀👍
— Tyler Winklevoss (@tylerwinklevoss)
Trader and analyst Luke Martin noted that reaching new highs “never gets old.”
making new 2019 highs. It could happen every day for the rest of the year and it would never get old.
— Luke Martin (@VentureCoinist)
Finally! bitcoin Price Is Trading on Good News
One of the frustrating themes of 2018 was that the price ignored signs that the industry was becoming stronger as developers kept “buidling.” 2019 is a completely different story. Now that is barreling toward $10,000, Fundstrat’s Tom Lee suggested that it is more likely to capture the attention of traditional investors outside of the crypto space. :
“That’s really important because bringing in that new interest into managed crypto can really push to its all-time high.”
YTD >100%
If a family office/institutional investor had 2% allocation (tiny)…
would have added 200bp to the overall portfolio return.
STAGGERING (only first 5 months of 2019). Another argument for Crypto to be embraced as an class
— Thomas Lee (@fundstrat)
No Shortage of Catalysts
There are plenty of reasons for the bulls to be out in full force. As Fundstrat’s Lee told CNBC, the price has been rising steadily since November 2018. But in recent weeks, the gains have become “more parabolic” in nature. The stars have aligned for the price for several reasons, not the least of which involves geopolitical tensions unfolding between the U.S. and . Not only have these conditions made look better than ever to investors because of its uncorrelated nature to stocks, but has become the “safe haven” investment, according to Morgan Creek Digital Co-Founder Anthony Pompliano. He tweeted:
“JPMorgan is telling people that the trade war between the U.S. and could boost safe-haven currencies. is the best safe haven currency in the world. Nervous about global chaos? Buy the strongest non-sovereign currency.”
JP Morgan is telling people that the trade war between the US and could boost safe haven currencies.
is the best safe haven currency in the world.
Nervous about global chaos??
Buy the strongest non-sovereign currency.
— Pomp 🌪 (@APompliano)
There’s no shortage of catalysts, really. Regulated futures exchange Bakkt has provided greater clarity on its imminent launch, which will likely unlock institutional capital from the sidelines. And crypto exchange Gemini has thrust into the spotlight by making it possible for thousands of merchants to accept the as a form of payment. While investors may be grappling with sell in May and going away in the stock market, it seems is just getting started.
Published at Thu, 16 May 2019 04:07:21 +0000