Hey ninjas, how’s the trading going? The largest cryptocurrency bitcoin has once again appreciated over $8K. At press time, BTC is trading at $8,068 and is reporting 1.52% daily gains. Top altcoins Ethereum, XRP, EOS, and Litecoin are also reporting significant daily gains.
The Chief commercial officer at Bitpay, Sonny Singh, in an interview with Bloomberg on the 8th of January predicted that the market price of Bitcoin would reach its all-time high in 2020 trading above $20,000. Singh claimed that the rise in value would be caused by “unforeseen” events which would draw in new buyers.
In the interview, he has no clues as to what may cause the rise in Bitcoin's value but supported his prediction with past Bitcoin trends. He pointed out that in 2015 the Greek Sovereign debt crisis caused a sudden surge for the BTC and last year the announcement of Facebook's digital currency Libra and the reaction of lawmakers worldwide also caused a significant surge in Bitcoins market price.
He also noted the recent events that took place between the United States of America and Iran and the rising tension between the two countries were attributed by the news media to Bitcoins price appreciating 20% in the last week.