As Bitcoin reached its one year high, excitement in the crypto community rises.
Since March, crypto asset prices have doubled and, as a result, the interest in crypto increased too.
The first crypto coin, BTC, increased by 10 percent since Friday and was at some point trading at $8,847. Because of this, other coins increased in value too with Litecoin (LTC) and Ethereum (ETH) rising respectively by 9 and 6 percent.
Given that the number of mainstream companies interested in crypto assets has experienced large growth recently, crypto proponents have been very enthusiastic. For instance, AT&T stated that they will allow customers to pay their online bills via BitPay.
Regardless of negative predictions from JP Morgan strategists, Bitcoin’s value is up 70 percent.
“As crypto assets become more easy to use they gain higher chances of mainstream adoption,” a senior market analyst at eToro, Mati Greenspan, announced on Friday.
After last year’s BTC price collapses of over 70 percent, the most popular cryptocurrency in having a good year in 2019. As long as the institutionalization of crypto coins continues the BTC price will rise leading other cryptocurrencies to gain value too.
“Merchants adopting crypto encourages people to use it too. That’s crucial,’ president of ProChain Capital, David Tawil, claimed.
Despite all of the positive news, many investors still remember the market crash of 2018 and are cautious of making major investments.
“Some melting still needs to happen after the crypto winter. There may be some time before crypto enters another steady bull market.” Tawil commented at last.