Bitcoin price reached over $19,000 today for the first time since mid-December 2017.

Where the bitcoin price fluctuates around the $19,000 level, up and down.

The price of Bitcoin increased by 2.13% on the daily level and 13% on the level of the week, according to the website CoinMarketCap.

Anthony Trenchev, Co-Founder and Managing Partner, Nexo to source including:

Back in March, I predicted that the price of Bitcoin would reach $50,000 by the end of 2020, and now there is increasing evidence of this upward trend.

Markets are like round numbers, Bitcoin price surpassed $16,000, then $18,000 in a matter of days.

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Next stop is $20,000.

He added:

With companies like MicroStrategy, Square and PayPal announcing their support for cryptocurrency, $50,000 by the end of this year is not at all out of the question.

And about the level of $ 50,000 and the reason for choosing it by Trenchev, he explained:

This will be a record driven not by insanity, but by large, forward-thinking, fund-savvy and tech-savvy institutions that will push cryptocurrencies into the mainstream.

Bitcoin trading volume continues to rise:

Just last week on Wednesday, BTC price crossed the $18,000 mark, and trading volume increased dramatically from $20-30 billion to $49 billion.

Yesterday, the trading volume decreased somewhat to $42 billion, but the volume is still higher than usual.

As the price of Bitcoin (BTC) grows, its market value increases as well, which is what we referred to in previous articles on Arab Bitcoin:

Bitcoin’s total market capitalization hits all-time high

There are a number of factors driving the recent bitcoin rally, most notably investments from large companies such as MicroStrategy and Square, along with PayPal’s support for cryptocurrency payments.

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In addition to all this, while demand is rising, the supply of Bitcoin is being curtailed due to the mining reward halving.

At the end of 2017, the price of Bitcoin reached a historical level and peak represented at the level of $20,089.

Shortly thereafter, a sharp downtrend started that pushed the price of Bitcoin to around $4,000 at the end of 2018.

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Corey Huang, CEO and co-founder of Stably, commented on the current rise in the price of Bitcoin by saying:

Retailers have not yet jumped into the crypto market, as have institutions.

So it looks more like 2016 compared to 2017 right now.

We will surely see BTC price cross $20,000 soon to make a new all-time high.

He added:

Once major retailers and companies adopt cryptocurrency and blockchain technology, there is no telling how far Bitcoin’s rally will go.

Read also:

The total market value of Bitcoin matches that of Netflix and AT&T

Bitcoin is the sixth largest currency in the world by total market capitalization