Cryptocurrency May Push Up To $8000—Luno GM


Cryptocurrency May Push Up To $8000-–Luno GM

Luno General Manager for Africa, Marius Reitz said Cryptocurrency may push up to $8000, having passed its highest price($7000), since mid-March after COVID-19 sent it’s price below $5,500.

Luno General Manager

He explained that there are a number of indicators which could lead to the Bitcoin price continuing to rise, saying,  “Trading volumes are much lower than we have recently seen but the futures market in Bitcoin has stabilised and back to expected levels.  With the price increase miners are returning and finally investors will see that cryptocurrencies can rebuild value more quickly than other asset classes.”

Reitz further stated that bitcoin was always seen as a psychological barrier but for it to have gone through the US$7,000 barrier,  it would be able to maintain this level, which  quite important for cryptocurrencies. 

“BTC is now trading at US$7,290 with main commentators suggesting that the coin can now push up towards US$8,000. The other main coins have also found buyers and Ethereum is at US$169, XRP at US$0.169 and Bitcoin Cash at US$254“.