The interest in Bitcoin seems to be on the rise again. Days after Facebook announced its upcoming new cryptocurrency Libra, the world's largest cryptocurrency Bitcoin ($BTC) climbed above the $10,000 milestone for the first time in more than a year on the Luxembourg-based Bitstamp exchange. For those keeping a close eye on $BTC, this was not surprising, as it had crossed the $9000 mark a week ago.
What is surprising, however, is that it took all of one day for Bitcoin to move from the $10,000 milestone to sniffing the $11,000 mark. At the time of writing this article, Bitcoin was priced at about $10,750. This indicates that the cryptocurrency rose about 7 percent in a day, before stabilizing on its upward climb.
One of the prime reasons investors advise caution while considering Bitcoin is because the cryptocurrency is subject to volatility and is therefore riskier than other traditional investments such as mutual funds and stocks. Bitcoin soared during 2017 at $20,000 highs before swooping down to about $3,000 in December 2018.
2019 has ushered in new era of hope for cryptocurrencies such as Bitcoin, which has steadily climbed more than 150 percent in less than six months to cross the "psychological barrier" of $10,000. Data released by Google Trends backs the notion that interest in the popular cryptocurrency is on the rise. However, most of the interest that has led to the recovery of $BTC through the first half of 2019 has been driven by institutional investors.