Bitcoin (BTC) recently moved up in value breaching the $5,500 mark currently trading at $5,600 which is a rebound of over 50% from last December when the coin was hovering around the $3,400 mark.
This recent rise in the value of BTC is part of a global phenomenon which has seen the financial markets worldwide continue to appreciate across board. It is understood that the intertwining nature of these markets could be a contributing factor.
Cryptocurrencies have continued to synergize with conventional financial institutions
The financial sector has continued to move in synergy as banks and investment firms have increased their adoption of blockchain technology. Bitcoin (BTC) which is the dominant crypto is traded across different platform worldwide.
Its popularity has brought about progress within the crypto market as the market generally follows the premier coin’s movement either positive or negative.
It came as a pleasant surprise when it was revealed in April that top trading ford TD Ameritrade had begun paper trading of Bitcoin as it looks to roll out a new trading platform for cryptos in the coming future.
Bitcoin (BTC) Is The Biggest Gainer In Value Ahead Of Crude Oil in Q1
A report from the Wall Street Journal credits these financial booms in 2019 to the current stability of interest rates and the increase in global economic growth which has seen companies fare better in the first quarter of 2019.
Bitcoin (BTC) 50% rise in value sees it emerge as the biggest winner among the other major financial markets. Crude oil prices have also increased by 18% as production has stabilized after a lean year in 2018.
Furthermore, fortune 500 companies have also experienced an aggregate growth of 23% with top earners Facebook, Amazon, and Twitter pushing this earning index into double figures.
Despite this incredible rally by the financial markets, many investors are wary about following the current trend. The USA and China are currently involved in a trade war which could prove detrimental in the long run.
Bitcoin Could Reach $8000 In Q2 If Current Trend Continues
However, cryptocurrencies like Bitcoin (BTC) depend less on such variables and would continue to increase as more businesses and companies adopt the coin as a means of performing transactions.
It remains to be seen if this current increase in value would continue in the second quarter. If it does it would be no surprise if Bitcoin (BTC) hits the $8,000 mark at some point in Q2.
