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The rise of Bitcoin is like the trend of light sticks beginning to shine
2019-05-14 18:12:09     wang@gmtlight.com

The rise of Bitcoin is like the trend of light sticks beginning to shine.
After a year-long bear market, the price of Bitcoin has finally undergone an astonishing reversal.

light sticks
On May 9, the price of Bitcoin exceeded $6,000; on May 12, the price of Bitcoin exceeded $7,000. Bitcoin prices have soared since February, up 122% from their lowest level this year.

The media exclaimed that Bitcoin had become the best performing asset of the year. The long-lost bull market has also opened a new carnival for investors in the currency circle.
The rise of Bitcoin is like the trend of light sticks beginning to shine.
However, unlike in the past, in the view of many investors, the sudden rise of Bitcoin lacks the internal logic support and is more caused by external factors.
The rise of Bitcoin is like the trend of light sticks beginning to shine.
Where will Bitcoin go in the future after opening a new bull market?
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01 breaks through $7000

Bitcoin prices soared to $7,000 in one breath, boiling the silent circle again. Someone shouted, "The bull market is coming!"
The rise of Bitcoin is like the trend of light sticks beginning to shine.
The price rebound of Bitcoin began in February this year. According to CoinMarketCap data, in 2019, Bitcoin prices hit another low of $3,400, and then went up all the way.

Bitcoin Price Trend in Recent Month and Bitcoin Price Trend in Recent Month
But the fastest rise in Bitcoin prices was in early May. In the nine days from May 3 to May 12, the price of Bitcoin soared from $5,600 to $7,500, an increase of 33.9%.
The rise of Bitcoin is like the trend of light sticks beginning to shine.
As of May 12, the price of Bitcoin reached its highest level this year, at $7,513.19, according to Fire Currency Trading Data. This is the first time in nearly nine months that Bitcoin has reached the $7,000 mark.
The rise of Bitcoin is like the trend of light sticks beginning to shine.
"It took only three months to double the price of Bitcoin. It's crazy." Block chain researcher Sun Yuan expressed a block chain.
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With the price of Bitcoin soaring, other mainstream digital currencies have also witnessed a sharp rise - the global market value of digital currencies has again exceeded $200 billion.

Take Taifang and Wright coins for example, their prices have risen sharply in recent days - on May 11 alone, their one-day gains reached 17% and 18%, respectively.

However, while the mainstream digital currency, headed by Bitcoin, has risen sharply, the platform currencies of many exchanges have declined to varying degrees.

The most obvious decline was in the OKEx exchange's Taiwanese currency OKB.
light sticks
As of May 12, OKB prices reached their lowest level in a month, close to a lumbar cut.

"It is not difficult to understand why the price of the platform currency has fallen. Bitcoin's surge will inevitably attract platform money back to Bitcoin. It was just unexpected that the price of OKB would fall so fast." Sun Yuan told a block chain.

He believes that the fall in OKB is related to contract transactions on the OKEx platform.

"Bitcoin prices have changed dramatically, causing a big battle between bulls and bears. Over 10,000 Bitcoin contracts burst in 24 hours, so many people chose to sell OKB to make up for them. Sun Yuan said.

In addition, the rising trend of Bitcoin has also brought the focus of the currency circle back to the mainstream currencies. The once popular IEO quickly fell into silence. "Bitcoin is like a rainbow. Who will look at the counterfeit money again?"  One investor said.

On the evening of May 12, Bitcoin reached its recent peak. Since then, the price of Bitcoin has started to pull back, and has repeatedly shocked around $7,000.

02 Carnival

The rise in currency prices has plunged the long-silent Bitcoin community into a carnival.

"Never forget that Bitcoin has been sentenced to death 355 times. And the last time, just eight days ago." On Reddit, a Bitcoin supporter wrote.

"If the deceased do not die, they will rise again, and their momentum will be even stronger." Below this post, a Bitcoin enthusiast quoted lines from Song of Ice and Fire as comments.

In the "chain nodes" (former Babbitt) of the domestic block chain community, several old posts several months ago were "dug out". The content of these posts, without exception, is that some players have predicted the bottom of the Bitcoin price.

Those who had previously predicted that the bottom of Bitcoin had reached and would rise in 2019 were regarded as gods by others. Although not more than half of them are from 2019 to now.

Alexa data shows that the number of page visits to the Link Node Community has increased by 38% in the past week. Baidu Index data show that the search index of the word "Bitcoin" reached 35 039 in the past 7 days, an increase of 89% compared with last week.

The Carnival brought about by the rising currency price is not limited to grassroots players. Once the "big money circle" people, also began to suppress their mood.

Yesterday, Bitcoin early players "Bao Erye" and Bitcoin Chinese founder Yang Linke launched a consensus community called "one person, one currency". Just a few days ago, Bao Erye called on every family to have a Bitcoin.

"Early money circle bosses were good at using their own traffic to shout for Bitcoins." "Of course, they don't want to miss every feast of rising currency prices," a practitioner of block chains who did not want to be named told a block chain.

Rising currencies have also stimulated the mining machinery market.

"At the end of last month, the 14.5T version of Ant S9j, with a spot price of only 2,300 yuan, has now risen to 3,500 yuan, and has to pay first, then queue up for the goods." Lao Xia, who runs the mining machinery business in Huaqiangbei, Shenzhen, said to a block chain, "The currency price is rising every day, and it will only be more expensive if you don't buy any more."

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