Bitcoin (BTC) could close trading in May 2019 more than 70 percent up from the start of the month, surpassing its second-best ever monthly performance.
Meanwhile, the top-ranked cryptocurrency continues to enjoy improved technical and market fundamentals with experts calling another bull run to a new all-time high (ATH) in 2019.
Bitcoin Could End May 2019 70 Percent in the Green
According to a May 30, 2019 tweet by bitcoin trader Josh Rager, BTC ending the month at $8,975 or higher would correspond to its second-best monthly performance in history.
Reaching that price level would mean bitcoin gained at least 70.37 percent in May beating the previous second-best monthly performance of 70.36 percent in May 2017.
Bitcoin’s best monthly performance to date was 450 percent in November 2013. At the time, BTC began November 2013 trading at about $200 before skyrocketing past $1,100 by the end of the month. The November 29, 2013 price of $1,242 was the highest recorded for BTC in that year.
The fact that BTC could end May 2019 on such a high is further proof of bitcoin’s positive price performance in the second quarter of 2019 (Q2 2019). Since April 2019, BTC has added more than $4,500 to its spot trading price.
Bitcoin in November 2013 vs. May 2019
The news of bitcoin looking to set its highest monthly gain in six years brings up some critical points of comparison between BTC in the present and circa 2013.
Six years ago, BTC arguably began to make its first imprint on the mainstream finance market as it grew by more than 10,200 percent during the year.
Back in 2013, the BTC market was exclusively denominated in USD with Mt. Gox being the leading exchange platform. Presently, platforms like Binance, Coinbase, BitMEX, etc., are the largest exchanges in the market.
2013 was also the year of the Silk Road bust and the beginning of the “bitcoin is a bubble argument.” In 2019, while negative rhetoric still pervades the cryptocurrency space, BTC, in particular, is attracting more mainstream attention.
One thing that seems to have remained the same is China’s anti-BTC stance. In December 2013, China’s central bank prohibited banks from facilitating bitcoin payments. Thailand also deemed BTC illegal, a position which has since changed drastically.
Many industry commentators agree that bitcoin in 2019 a more mature asset than at any prior time in its history. While still a month away from the middle of the year, there have already been a slew of institutional adoption cases.
Large conglomerates like Fidelity and Microsoft have announced plans to build services related to bitcoin. Notable brokers like TD Ameritrade and E-Trade are quietly testing institutional-grade BTC trading desks.
This increased mainstream adoption means bitcoin is exhibiting robust market and technical fundamentals in consonance with a significant price run. Rather than fear of missing out (FOMO) by retail traders driving spot price, BTC sees a more organic growth backed by healthy and sustainable market parameters.
Source: Read Full Article