The price of Bitcoin, the flagship cryptocurrency is approaching the psychological $10,000 which most analysts have called the ‘FOMO’ tipping point. Bitcoin has rallied more than 5% over the past 24 hours according to data provided by Luxemburg-based cryptocurrency exchange Bitstamp which has registered an intraday low of $9,211 and an intraday high of $9,800. The leading cryptocurrency is currently trading at a respectable $9,744 which is still 5% gains in the last 24 hours.
Several altcoins have struggled to keep up with the latest Bitcoin bull-run with only two coins in the top 20 list of most valuable blockchains according to Coinmarketcap besting Bitcoin in daily gains. Ethereum, the leading altcoin is up 7% and is currently trading at a nine-month high of $286. Binance Coin [BNB], the native token of leading cryptocurrency exchange Binance, is perhaps the biggest gainer in the top 20 lists with gains of 7.6% in the last 24 hours.
Bitcoin’s current price was last seen back at the start of May 2018, a 400-day high. The coin has seen impressive gains over the last three months starting early April. On April 2nd, the coin posted the largest price tick in a long time which started the rally to $9,800. At the time it was trading at $4,000 right before the price jump, which means that the coin has gained as much as $5,750 on Bitstamp since April 1st. Those are gains of 142% in less than three months.
Bitcoin permabull Tom Lee of Fundstrat stated on Twitter on Thursday evening as Bitcoin was rallying that,
“In most markets, a ‘new high’ is needed to confirm a breakout [.] But with (bitcoin), when it trades at a price seen only 3% of its history, this has confirmed a new high imminent. This makes crypto different.” According to Lee, Bitcoin could hit $40,000 by the end of the year.
Part of the reason for the Bitcoin price rise is the break of hashing rate records that were reported mid this week by blockchain data firm Blockchain.com. According to the company’s charts, Bitcoin’s mining hash rate has surged to all-time highs of 65.19 trillion hashes per second (TH/s) which beats the previous highs of September 2018 when the hash rate rose to the then highs of 60TH/s.