Crypto Springtime Emerges as Bitcoin Rallies to 1-Year Highs

Bitcoin powered higher on Monday reaching its highest levels since May of 2018. The world’s largest cryptocurrency by market capitalization is now up by over 140% in 2019, leaving the so-called ‘crypto winter’ in its wake. Litecoin followed suit reaching highs last seen in June 2018.

Further Mainstream Adoption

Earlier in May, Bitcoin was boosted after HTC unveiled a blockchain phone called the Exodus 1s. On May 23rd, telecom giant AT&T announced it will permit customers to pay bills with Bitcoin. Additionally, Fidelity Investments is rumoured to be preparing to offer Bitcoin trading for institutional clients.

US/China Trade

Billionaire Bitcoin investor and former Goldman Sachs partner Mike Novogratz suggested on CNBC that trade tensions with China and Chinese money moving into crypto have played a role in the recent surge.

Facebook GlobalCoin

Meanwhile, hype is growing around Facebook’s cryptocurrency ‘GlobalCoin’, which it plans to launch in 2020, according to a report from the BBC. The digital currency is expected to provide secure payments without the need of a bank account.

Conclusion

Bitcoin’s record high of $19,000 reached in late 2017 is clearly still a long way off. However, after the recent rally, bulls now keenly eye the key psychological levels of $9,000 and $10,000.