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The price of the most celebrated crypto coin across the globe, Bitcoin, has gained some momentum lately. A recent report by Forbes predicts that this incredible trend is set to continue in the near future.
Since the crypto winter in 2018, there have been a ton of theories on Bitcoin and whether or not it met its end. Well, numbers do not lie and from the look of things, it is safe to say that the world largest cryptocurrency is right on track to regain its prestigious position.
A close look at the price chart in May showed that the digital coin spiked up by 62.25%. This is the largest monthly rise recorded since 2018. This tremendous upsurge makes May the best month for Bitcoin so far. However, statistics show that Bitcoin lovers may be in for yet another treat, as June is predicted to be the best month for Bitcoin, pushing May to the second best. This conclusion was drawn from several factors, including the 5-year price trailing and the soon-to-be-launched Facebook Globalcoin. Experts believe that both factors will have a great pull on the price of Bitcoin this month.
From the seasonality factor or 5-year price trail, the chart shows that the average percentage price gain for the month of May sits at 21.03%, a great spike from its all-time low of -18.73%. Well, it is still a far cry from the all-time high which sits pretty on 70.86% mark. Notwithstanding, 21.03% price gain is the best it has had so far since the crypto winter that crippled the market last year.
Even better, another look at the 5-year price gain suggests that it is very likely to record an average percentage gain of 25.98% this month. This is about 5% more than what was recorded in May. I guess it keeps getting better.
Would Facebook Globalcoin Drive Bitcoin & Crypto Prices Higher?
In addition to the 5-year price gain trailing stats, Facebook, the largest social media platform on the planet, is set to launch its crypto coin termed Globalcoin this month. Experts predict that this move will cause a great gain for the crypto verse as the platform house billions of users across the globe. Also, having the backing of such a reputable platform is a great gain for the entire crypto world. This move is expected to attract hundreds of millions of people to the crypto world.
However, it is crucial to note that this move is more like a two-way street, bearing both good and bad tidings, depending on how well it is played. Should Facebook fail at this mission, it will be a great loss for the crypto space. We certainly hope it doesn’t!