Bitcoin has extended its bullish price rally today. The biggest cryptocurrency surged passed $9,300 and almost touched $9,400, the highest level since May 2018. BTC retraced back to $9,100 shortly after the rally.
The cryptocurrency market increased by $11 billion over the past 24 hours. Bitcoin continued the exponential rise that is has seen during the week and reached $9,398, a new 2019 high.
Bitcoin already surged passed the $9,000 mark in 2019. In May of this year, Bitcoin reached $9,100 on Coinbase, but soon after tumbled down to the $8000 zone. The coin fell from $9100 to a low of $8550 within an hour and saw a correction to $7,400 a week later.
The current bullish sentiment is most likely caused by the rumors that Facebook is planning to release details of its stablecoin project (Libra) on June 18. Facebook’s stablecoin is already backed by big names like Mastercard, Visa, Uber and PayPal.
Jeremy Allaire, the CEO of Circle, tweeted yesterday:
Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.
— Jeremy Allaire (@jerallaire) June 15, 2019
Allaire believes that Facebook’s Libra will be able to demonstrate the real-world use of cryptocurrencies on a broader scale thanks to the social media giant’s huge user base.