Bitcoin has enjoyed a barnstorming rally on Tuesday having surged to the $12,000 mark for the first time since September 1.
The world’s largest cryptocurrency now has a long-awaited bull market within its grasp, it just needs to close a daily candle above the $12,500 of resistance for confirmation.
Having already rallied by 1.61% since yesterday’s daily close, Bitcoin looks on track to test the $12,000 level before the end of the day.
The reason behind the recent price hike lies within two things; the upcoming US presidential election and the increase in institutional investment into assets like Bitcoin.
As reported on Monday by Coin Rivet, the US election has the potential to impact Bitcoin as the uncertainty surrounding the events will cause investors to rush to a safe haven, like crypto or gold.
If Bitcoin can take out $12,500 on heavy volume, it could well set the tone for the rest of the year with several speculators predicting a full-blown bull market like 2017.
However, Bitcoin is known as being a volatile asset and it wouldn’t be impossible for it to face a rejection from here before plummeting back to around the $10,500 level of support.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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