Bitcoin managed to surprise both its supporters and opponents. Interestingly, nobody expected such a sudden rally from the world's first cryptocurrency. Long-term stagnation ended with a spike. Bitcoin was able to break out of a rather narrow range where it had been remained for a long time. As a result, it rose by more than a third in value.
The price of Bitcoin easily surpassed the $5,000 mark and then continued to move towards new heights. After having passed the marks of $6,000 and $7,000, Bitcoin spiked to $8,400. The last time the price saw this point was in May 2018. Many cryptocurrency market players had lost hope that the price of Bitcoin would ever rise. However, Bitcoin proved once again that it was capable of regaining ground without any drivers. In early May, the price hardly reached $4,000. The Bitcoin price rally kicked off on May 7, when Bitcoin soared above $6,000, then smashed through $7,000 on May 12, and breached the $8,000 mark on May 14.
Notably, the price of Bitcoin increased from $8,000 to $20,000 in the period from November to December in 2017. In May 2018, it returned to $7,500-8,000. In December, the cryptocurrency sank to its lowest level of the year - $3,242. Now it’s hard to say what comes out of this rally, but the market will most likely see new currency gains.
