The crypto market is showing no signs of cooling down, and the price of Bitcoin has rallied up by about 10% today, to reach a new high in 2019 and also record a 1-year high of $8800 today. After having been range bound for a long time, crypto prices in the past one month have skyrocketed to new yearly highs and Bitcoin alone has risen by over 100% in value. The sudden but somewhat anticipated rally in Bitcoin prices can be attributed to the impending block reward halving event, which is scheduled to happen in another year from now. Currently roughly 12.5 bitcoins are mined in each block and 144 blocks a day are mined, bringing into circulation about 1800 bitcoins. After the halving, 6.25 bitcoins will be the reward for mining each block.
In addition price is also being driven up by the positive news around institutional BTC adoption, such as Fidelity’s foray into crypto, record institutional trading volumes on registered crypto futures exchanges and increasing clarity on the regulatory front that failed to push prices higher previously.
Bitcoin sentiment as tracked by Sentix sentiment tracker is back in positive territory for the first time in almost a year.