FX.co ★ Bitcoin rises to record high

At the beginning of May, bitcoin, the first cryptocurrency in the world, broke an important psychological level of $10,000. However, a bit later, the price again dropped to $8,000. Market participants were surprised by both the jump and the following slide. Not all crypto analysts had time to explain such a rally as bitcoin started slumping. In fact, it is really difficult to find reasons for such a short and significant rise. Some analysts suppose that it could be triggered by the expected halving. At the same time, the reason for a sudden tumble is still unknown. According to the data, during the trading session, bitcoin hit the level of $10,067. However, the following day, the price shrank to $8,300 and moved back to $8,800. Notably, during the recent ten years, bitcoin’s price advanced by 9 million percent. At the beginning of the previous decade, one bitcoin cost $0.08 whereas on December, 31st, 2019 the price for one bitcoin was $7,210. The cryptocurrency hit its highest level of almost $20,000 at the end of 2017. Some analysts even predicted a climb to $50,000.