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Bitcoin Briefly Breaks $11,000, Analysts Differ on Likelihood of Further Growth

By Yana Berman

The world’s largest cryptocurrency Bitcoin has briefly broken the $11,000 threshold on Monday, June 24, according to data from cryptocurrency information hub CoinMarketCap.

Following a week marked by a rise of almost 17%, Bitcoin reached $11,230 earlier this Monday. This is its highest price point since early March 2018, when the cryptocurrency was undergoing a severe downward trend.

Bitcoin Briefly Breaks $11,000, Analysts Differ on Likelihood of Further Growth

As per Google Trends, the popularity of Google searches for “bitcoin” has been on the rise during the last week, as price euphoria is growing.

While the traditional financial analysts are cautious about Bitcoin’s rapid growth, cryptocurrency commentators are predicting further growth for the leading crypto. For instance, Bitcoin Knowledge podcast host Trace Mayer tweeted that he expects the price to reach $21,000 by the end of 2019.

Prior to the latest Bitcoin takeoff, Facebook announced the launch of its own cryptocurrency Libra. Its blockchain is set to be governed by nodes owned by major companies, such as Visa and Paypal, and is to be deployed in 2020.

Facebook’s reveal of Libra has caused the first-ever international regulatory move to enforce control over cryptocurrency. Financial Action Task Force (FATF), an intergovernmental body created to combat money laundering, has urged its member countries to tighten their anti-money-laundering policies in crypto space.

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