The cryptocurrency market is in the midst of a powerful resurgence. On May 25, 2019, Bitcoin held firm above the $8,000 mark, trading at approximately $8,052 according to CoinMarketCap data, as a dramatic bull run that began in April continued to gain momentum. The price level represents a stunning recovery for the flagship cryptocurrency, which had languished below $4,000 just months earlier at the start of the year.
TL;DR
- Bitcoin trades at $8,052 on May 25, 2019, more than doubling since January
- BTC market cap reaches $142.7 billion as trading volume surges
- Ethereum follows the rally, trading at $251.76 with a $26.7 billion market cap
- Kraken exchange reveals over 250 employees opted to receive salaries in Bitcoin
- Peter Schiff debate with Saifedean Ammous fuels mainstream attention
The Rally That Doubled Bitcoin in Months
Bitcoin’s journey from roughly $3,800 at the start of 2019 to above $8,000 by late May has been nothing short of remarkable. The cryptocurrency first breached the $8,000 level on May 14, 2019, as reported by CNN, reaching its highest price since July 2018. CNBC confirmed that Bitcoin had more than doubled in value year-to-date, attributing the surge to growing institutional interest and renewed retail enthusiasm.
The rally has been driven by a confluence of factors. Increased trading volumes on major exchanges, growing mainstream media coverage, and a broader shift in sentiment toward risk assets all contributed to the upward momentum. Market participants pointed to the upcoming Bitcoin halving event expected in May 2020 as another catalyst fueling long-term optimism.
Kraken Employees Put Their Money Where Their Mouth Is
In one of the week’s most talked-about stories, cryptocurrency exchange Kraken revealed that it had paid 250 salaries in Bitcoin during April 2019 alone. With the company employing approximately 800 people at the time, that figure represents roughly 30% of its workforce voluntarily choosing to receive compensation in cryptocurrency rather than fiat.
The revelation came as a direct rebuttal to prominent gold advocate Peter Schiff, who claimed during a widely-viewed debate with “The Bitcoin Standard” author Saifedean Ammous on Tone Vays’ YouTube channel that “there is no way that people are going to work for salaries paid in bitcoin.” Kraken’s tweet quickly went viral within the crypto community, with employees citing ease of investment, budgeting discipline, and belief in Bitcoin’s long-term value as reasons for their choice.
Bitwage, a platform enabling crypto-based payroll solutions, reported that Canadian workers had been increasingly requesting Bitcoin salary payments since 2014, suggesting the trend extended well beyond the crypto industry itself.
Ethereum and Altcoins Join the Party
The rally was not limited to Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, was trading at $251.76 on May 25, with a market cap of $26.7 billion. The broader altcoin market showed strength as well, with XRP trading at approximately $0.39 and many mid-cap tokens posting significant weekly gains.
Total cryptocurrency market capitalization continued to climb, reflecting broad-based buying across multiple sectors of the digital asset landscape. The renewed market activity brought back memories of the 2017 bull run, though market participants noted that this rally appeared more measured and driven by fundamental developments rather than pure speculation.
Craig Wright and the Bitcoin SV Sideshow
Not all attention was positive. Craig Wright, the Australian entrepreneur who claims to be Bitcoin creator Satoshi Nakamoto, continued to generate controversy with what some media outlets described as a “Satoshi manifesto.” Wright, backed by Calvin Ayre and their Bitcoin SV project, maintained that BTC was “a sham bitcoin” while promoting their fork as the true successor to Satoshi’s vision.
Despite the noise, Bitcoin SV’s market impact remained minimal compared to BTC, with most market participants dismissing the claims and focusing on Bitcoin’s strong price action and growing institutional adoption.
Why This Matters
Bitcoin’s doubling in value during the first five months of 2019 represents one of the strongest recoveries in crypto market history. The rally demonstrated that the bear market of 2018 had not killed institutional or retail interest in digital assets. The fact that hundreds of exchange employees were voluntarily taking Bitcoin salaries suggested a level of conviction that went beyond trading speculation — people were beginning to live on crypto. Combined with the approaching halving and growing mainstream media coverage, May 2019 was shaping up to be a pivotal month in Bitcoin’s maturation as a financial asset.
Disclaimer: This article was written for BitcoinsNews.com as part of our historical archive coverage. Cryptocurrency investments carry significant risk. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.