Bitcoin hits 2-week high after trading back above $10,000 mark

Bitcoin hit its highest level in nearly two weeks, continuing its gains for the fourth consecutive day, after trading back above the $10,000 mark, in a sign that the long-term highs are likely to complete the world's largest currency.

On the Bitstamp exchange, Bitcoin rose by $168, or by 1.6%, to $10,584, the highest since July 22, from the opening price of $10,416, the lowest level at $10,318.

Yesterday's trading ended 3.2% higher, with the third consecutive daily gain, as investment demand improved and exceeded $10,000.

The cryptocurrency market value on Friday rose by more than $3 billion to $286 billion, with the highest level since July 22, as most of the major cryptocurrency prices in the market continued to gain momentum.

The market value is currently poised to exceed $300 billion for the first time since July 14, as signs of the end of the short-term downtrend, which has dominated most of the digital asset tradongs in recent times.

While Bitcoin price is currently trading strongly above the $10,000 mark, and is fully poised to complete long-term gains, and once again climbing to a 17-month high of $13,880.

Long-term movement is very optimistic, thanks to improved fundamentals in the market, and the entry of many major institutions into investment in the crypto industry. Experts confirm that the first half of 2020 will be boosted by confidence levels in the industry and will push the price of Bitcoin to new record levels.

Mike Novogratz, the founder of Galaxy Digital, said institutional attention would push the price of Bitcoin to an all-time high of $20,000 before the end of 2019.

Senior analyst Joe Kernan predicted a rise to $ 55,000 by May 2020, nearly 450% higher than current levels.

In the latest US congressional hearings this week on the crypto industry and blockchain technology, Senate Banking Committee Chairman Mike Crabo said the United States would not be able to successfully block the cryptocurrency because it had become a global innovation.

"The United States will need to put in place the appropriate regulations to protect the interests of investors and allow the industry and technology to flourish," said Surly's chief executive officer Jeremy Earr at the Senate hearing.