Bitcoin has been on a stellar run in the past week hitting the $9000 which is reminiscent of the 2017 boom in which the coin was able to hit the $20,000 mark.
One of the factors that has contributed to the rise of the coin has been the recent developments in the crypto space. Facebook speculated launch of a native cryptocurrency has drawn the attention of the mainstream media to the potentials of blockchain technology.
Is has in turn reinforced the confidence of investor in Bitcoin as many crypto analysts believe that the arrival of the Facebook coin (Libra) could bring about a spike in value of the premier coin.
Tether Prints $100 Million USDT In The Last 24 Hours
Another speculation that we have could be linked with the news that Tether the stable coin printed $250 million worth of USDT in the past week. The information which was reported on EtherScan.io shows that $100 million of the said amount was printed in the last 24 hours.
According to Tether CTO Paolo Ardoino the $100 million USDT printed yesterday has not been put in circulation and that it had been created into a treasury wallet as a buffer to fulfill future issuance orders.
Tether has a reputation as a controversial coin and there remains the suspicion that the spiking of the coin was the reason behind the crypto boom in 2017. Revelations that the coin had a significant investment in Bitcoin further reinforced that fact.
However with the explanation provided by Ardoino it implies that the blockchain is growing with more requests for the stable coin. This is evident in its market cap which has increased by 30% in the past month to $3.5 billion.
Bitcoin Continues Its Recent Upward Trend
Meanwhile Bitcoin current rise in value could continue as the coin is envisaged to reach the $10,000 mark before the end of June.
There have been different analysis from crypto enthusiast with some claiming that caution should be exhibited in order to avoid the carnage that occurred last year February.
However the idealists have a counter claim that Bitcoin has reached the level where it could handle the expectations that comes with being the premier coin.
One noticeable trend about the recent rise in Bitcoin is that it has not transcended across board as most altcoins are not responding to the positive movement of the premier coin unlike in 2017.
This should bold well for investors which means that it could be safe to continue hoarding the coin as there is a chance that its bullish run would continue until the end of the year.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.