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Bitcoin continues its rally, reaching a level of over $ 11,000



One day after first reaching the $ 10,000 mark in more than a year, the Bitcoin price on Saturday briefly rose to over $ 11,000.

Bitcoin

BTCUSD, + 2.53%

rose 7%, surpassing the highest since March 2018, from 11,100 USD on Saturday morning, according to CoinDesk. The price fell $ 500 in the afternoon before rebounding to $ 10,900 from 10:30 pm Eastern.

It was the third prize milestone in a week after the world's largest cryptocurrency exceeded the $ 9,000 mark for the first time in 1

3 months last Sunday.

Bitcoin's price has risen 193% since the beginning of the year, with profits coming in the last three months.

Last week, a Bitcoin analyst predicted that prices could reach $ 40,000 "in a matter of months" after the $ 10,000 level was breached. "Conclusion: The crypto winter is over," said Thomas Lee of Fundstrat.

Bitcoin prices fell to more than $ 19,000 in December 2017, falling to $ 3,122 in December 2018.

According to Coinmarketcap.com, Bitcoin's market capitalization on Saturday night was nearly $ 188 billion.

Bitcoin's recent rise has also fueled competing cryptocurrencies with Ethereum

ETHUSD, + 3.47%

Increase of 20% in the last month and Litecoin

LTCUSD, + 0.28%

plus 37% at this time. The industry was also supported by Facebook Inc.

FB, + 0.85%

unveiled the upcoming digital currency Libra last week, which some analysts claim could bring crypto to the masses.


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