For the first time in 10 months, Bitcoin price has exceeded $10,350. The last time Bitcoin hit that level was in September 2019.
Bitcoin began the last week of July in a bullish manner. Last week, the value of Gold and Silver rose consistently, giving a promise of higher returns to investors. It is not uncommon for investors to transfer sentiments from precious metals to crypto.
Bitcoin is currently enjoying a sudden surge in interest after being stuck between $9,000 and $9,300 for most of July. As at press time, Bitcoin is trading at $10,796, representing a 9.23% increase within the last 24 hours. Investors are optimistic that the king coin will cross into the $11,000 range if it continues on gold’s bullish path.
According to crypto analyst filbfilb, stock market “indices overall are sat looking a little precarious after last week’s sell off towards the end of the week.” Although the US dollar is still underperforming, filbfilb says “Bitcoin seems to be behaving more akin to Gold and Silver than equities at the moment.”
The USD has not performed well this year largely due to the impact of the ongoing pandemic. Bestselling author Robert Kiyosaki has been a vocal advocate of Gold, Silver, and Bitcoin, saying they are the best assets in preparing for the future, against the uncertainty of fiat. Kiyosaki has also said Bitcoin will hit $75,000 within 3 years.
Image Credits: Pixabay
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