It’s the first time since August 2017 than someone spent coins from early 2009.
Bitcoin, the largest digital currency by market valuations, traded slightly at this writing Monday, laboring above the $9,300 area. Some cryptocurrency market observers believe that if the king of digital currencies can breakthrough the psychologically important $10,000, exciting levels could be on the way.
“From a technical standpoint, there is some resistance that will put the asset [bitcoin] to the test,” wrote Naeem Aslam, chief market analyst at Think Markets U.K., reports MarketWatch. “But a move above $10K could be very explosive and that would open the floor towards the $15K mark.”
While bitcoin still has plenty of detractors, Aslam’s forecast is the latest in a string of bull calls on bitcoin. For example, some crypto market participants believe bitcoin can rise to $20,000 or even $25,000 before the end of this year.
From $9,300, bitcoin would need to surge more than 61% to reach the $15,000 mark.
An Impressive Run
Bitcoin’s recent run is undoubtedly impressive. On April 5th, the digital currency’s market capitalization was $113.55 billion, but at this writing Monday, that number was $158.92 billion. Bitcoin’s market value is more than double that of the second-largest cyrptocurrency ethereum. Detractors would note that bitcoin would still need to more than double just to reclaim its December peak around $20,000.
Recently, the 17 millionth bitcoin was mined, meaning there are just 4 million of the coins left to be mined. However, that is not worrisome because, at the current mining rate, it will take over a century for the remaining 4 million bitcoins to be mined.
“In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7’000 – 12’000 in 2018. Bitcoin is trading slightly above its 200 DMA (8000 range),” according to FXStreet.
Bitcoin prices labored around $7,000 on April 1st, meaning the digital currency gained about 30% in the fourth month of the year.
Bitcoin Price Rallies 13% to Break Through $11,000
Within the last hour Bitcoin (BTC) price pushed through the $11,000 level in a high volume surge which saw the price reach a new 2020 high at $11,394.
At the time of publishing the price has pulled back slightly to the $11,150 range but purchasing volume continues to rise on the 1-hour timeframe. This suggests that the top-ranked digital asset on CoinMarketCap may have another go at the daily high.
Crypto market weekly price chart. Source: Coin360
As reported earlier by Cointelegraph, on-chain activity registered a significant spike in exchange inflow as Bitcoin price rallied above $10,000 and Bloomberg analysts now estimate that Bitcoin price will rise above $12,000 this year.
Ether price (ETH) also surged above its previous high by rallying to $333.52 but at the time of writing the top altcoin has pulled back below $330.
Bitcoin daily price chart. Source: Coin360
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Did Satoshi Nakamoto Just Move 50 Bitcoin?
- 50 Bitcoin that haven’t moved since 2009 were transacted today.
- Some Bitcoin watchers speculate that these coins belong to Satoshi Nakamoto.
- The coins were from Bitcoin mining around a month after the network was created.
BTC from the earliest days of the network moved today. Could Bitcoin creator Satoshi Nakamoto be behind the transaction?
Was Satoshi Behind a Recent Bitcoin Transaction?
A 50 BTC transaction representing a block reward from a month after the Bitcoin network launched moved today.
The coins were awarded for mining block 3,654. Several pundits have naturally associated that early mining activity with pseudonymous Bitcoin inventor Satoshi Nakamoto.
Others Are Unconvinced
The Block’s head of research, Larry Cermak, believes the transaction is unrelated to Satoshi Nakamoto, identifying that there were several early miners on the Bitcoin network.
Blocks believed to have been mined by Satoshi have a particular pattern in their nonces, a cryptographic number that can help identify blocks. According to that pattern, these Bitcoin do not appear to have originated from Satoshi.
Another analyst noted that the transaction marks the first time that early 2009-origin Bitcoin has moved since August of 2017.
Nevertheless, on-chain sleuths will closely watch the path of the coins as the transaction was undoubtedly from an early Bitcoin miner and large holder. If these 50 BTC continue to move, then a lot more about this story will be revealed.
Bitcoin price rockets 23% as investors look for a new safe haven. ‘The crypto king is on fire.’
Cryptocurrencies have seen a remarkable resurgence as investors flock to relative safe havens amid a flurry of quantitative easing measures by global central banks.
Central banks including the European Central Bank, Federal Reserve, and the Bank of England have announced asset-purchase schemes in recent days. Bitcoin, a finite cryptocurrency with only 21 million units in existence, has seen a 23% one-day surge. Bitcoin is currently up 21% as of 10.10 a.m. in London (6.10 a.m. ET), per Coindesk.
The cryptocurrency had been down 30% year-to-date amid a sell-off fueled by market uncertainty about the outbreak of coronavirus. However, investors may be looking to digital currencies in the wake of easing measures elsewhere. Other cryptocurrencies like ethereum, XRP, and bitcoin cash all saw major reversals by more than 15% over the same period.
“When it comes to bitcoin, the crypto king is on fire, and we have seen a decent rally,” said Naeem Aslam, chief market analyst at AvaTrade, in a morning note.
“Given the fact that the price has crossed the $6,000 mark — an important level of resistance — the upward momentum is likely to pick up the pace, and if the price crosses the 200-day moving average on a daily time frame, it would be a huge buy signal.”
Volumes at cryptocurrency exchanges have jumped, with Coinbase, Bitstamp, and Bitfinex combined seeing a 19% bump in 24-hour exchange volume, according to data aggregator CryptoCompare.
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