Bitcoin Tests $12k Again: Is This the Beginning of a Bigger Bull Run?

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term has surpassed the $12,000-mark for the second time in recent weeks.

In some ways, this second recent pass over $12,000 makes it seem as though Bitcoin may be establishing itself over the $12k line. However, it’s still unclear whether or not BTC can sustain levels above $12k for more than a few days, or a few hours, at a time.

For instance, at press time, BTC was at $11,989, just below the prized $12k level, but not yet low enough to truly cause concern.

And #Bitcoin has breached 12k. Great way to start the week!

— Tyler Winklevoss (@tyler) August 10, 2020

What’s Pushing Bitcoin up?

It seems that many voices within the crypto space believe that Bitcoin will be able to establish itself at or above $12k in the coming weeks.

There are a number of reasons for this.

For example, last week Marie Tatibouet, chief marketing officer at cryptocurrency exchange Gate.io, commented to Finance Magnates that the price of Bitcoin may be growing at this time because of “the current situation of the world.”

This includes “the instability caused by the pandemic, the stock market falling, the US and China market wrestling ‘dollar vs. yuan’, or a big fear of inflation on a global scale, just to highlight some,” she said.

Additionally, Evan Bayless, the operator of WhatIsMoney.info, also pointed out to Finance Magnates that the ongoing impact of quantitative easing could be positively affecting Bitcoin’s price. In other words, a growing number of individuals may have lost some of their faith in fiat currencies.

“The incredibly fast and drastic response of the Fed and other central banks to the COVID-induced lockdowns (and the subsequent economic fallout) has caused the idea that fiat currencies may not be a consistent yardstick for measuring value to begin to enter the public consciousness,” he commented.

There are other, more immediate factors as well: Jason Yanowitz, co-founder at Blox Work Group, also pointed out on Twitter that there could be some increased visibility on BTC this week

“Grayscale is running Bitcoin ads this week on CNBC, MSNBC, Fox, and Fox Business,” he stated on August 9th. “Get ready for a massive week for Bitcoin.”

Grayscale is running Bitcoin ads this week on CNBC, MSNBC, Fox, and Fox Business.

Get ready for a massive week for Bitcoin.

— Yano (hiring!) (@JasonYanowitz) August 9, 2020

Altcoins Are Also Getting a Boost

This latest movement over $12k follows a week of robust movement for a number of altcoins: for example, Chainlink (LINK) and Band Protocol (BAND) have both recently made headlines for their price performance. LINK, for example, soared from $8.31 last Monday to $13.58 at press time; BAND has nearly quadrupled in price climbing from $4.13 to $16.30.

The price increases across the board have caused the total market cap of all Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to have reached its peak in more than a year.