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Bitcoin extends monster rally as it confidently moves toward $10,000

Bitcoin extends monster rally as it confidently moves toward $10,000
The price of Bitcoin has surged, exceeding its one-year high. The world’s most popular cryptocurrency was trading at nearly $9,900 on Friday, continuing its 2019 rally that has seen its value nearly triple.

Bitcoin jumped around six percent and reached $9,872.47 at 13:18 GMT on Friday, setting a new record for the year, according to data from CoinDesk. The new highs come after the cryptocurrency saw its price drop to below $9,000 on June 18 before bouncing back.

Other digital currencies also rose on Friday, as typically happens when Bitcoin rallies. The third and second largest cryptocurrencies, Ethereum (ETH) and XRP, were up 7.79 and 4.25 percent correspondingly.

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Bitcoin has more than doubled in price since the start of the year, when it was trading at $3,689 per coin. Since January 1, the price of the cryptocurrency has risen around 267 percent.

Some Bitcoin bulls have already predicted that this upward move may signal that Bitcoin can soon reach the psychological level of $10,000. Not everyone is so positive, however, with the CEO of Euro Pacific Capital Peter Schiff calling the trend “a sucker’s rally.”

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