Analysts say Facebook’s announcement this month has revived interest in digital currencies, while investors seeking safety have also pushed up bitcoin’s price. “Cryptocurrency traders were reinvigorated by Facebook’s launch of their own digital coin and momentum appears to be stirring up fresh new investors,” said Edward Moya, senior market analyst, at online FX broker OANDA in New York. “Bitcoin skeptics are cautious in trying to stop this surge and may look for the next key resistance level which is $15,000,” he added.
The cryptocurrency has rocketed 150% since early May, along with big rises in other smaller digital currencies such as Ethereum’s ether and Ripple’s XRP. “It should be noted that this a very different market today than it was in 2017,” said Moro. “2017 saw an overwhelming number of ICOs (initial coin offerings), which was very distracting. 2019 has less distractions.