Price Analysis

Bitcoin Price Analysis: Bitcoin Recorded The 14-months High Trading Volume on May

  • Bitcoin (BTC) recorded the 14-month high trading volume in May on Coinbase exchange.
  • The 2019 prediction target remains at $12,000.

Bitcoin (BTC) has been maintaining its prime position in the market for a long time. The recent rise in the prices took Bitcoin (BTC) near 9000 USD, and it also gave a hike in the market cap. In addition to these growth stories, a report from Bitcoinity suggests that the trading volume of Bitcoin touched 14-months high on the largest US-based cryptocurrency exchange, Coinbase. As per the data, on Coinbase exchange trade of 738,959.42 BTC — worth approximately $5.9 billion was facilitated and it is the highest since March 2018. This also has put the month of May in the six most voluminous months for Bitcoin trading on the Coinbase of all time. This also explains the rise of 60% in the value of Bitcoin (BTC) in this period. The near future of Bitcoin (BTC) also seems bullish. By the end of 2019, the coin will be there around 12,000 USD. Let us look at the current status of the coin.

Bitcoin Price Statistics-

Bitcoin Price Chart - 8 June

Bitcoin (BTC)08th June 01:42 UTC
Rank1st
ROI (Return On Investment)5,850.45%
Coin Circulation17,746,912 BTC
Market Cap143,033,824,023 USD
Value in USD8028.36 USD
All-time HighUSD 20,089.00
24h Volume18,873,289,779 USD

Bitcoin Price Comparison-

After the disaster it faced in 2018, the starting of this year was not that great. The lowest point of the year was on 07th February at 3338.65 USD. By the end of March, a huge growth was noticed. Bitcoin (BTC) gained 34.41% over 16 days on 10th April when compared the price (USD) 3901.61 on 25th March. Another hike in the prices started on the 06th of May, and the coin gained 43.86% in 9 days. The market cap on the 08th of May was 105,142,444,464 USD. The value of each coin was 5958.57 USD. The current market cap and the value of each coin are respectively 36.03% and 34.73% more than the values of last month.

Bitcoin Price Prediction-

As the coin’s trading volume, market cap, and the price is on the rise, we predict a near bullish future for Bitcoin (BTC). The coin is likely to find its value near 12,000 USD by the end of 2019.

Conclusion-

As the price is now hovering around 8000 USD, it is safe to invest in new coins. The holding until the 1st quarter of 2020 is likely to give at least 50% profit over the current investment value.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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