Bitcoin has jumped another $300. Following yesterday’s slight drop to $8,000 from $8,100, the currency has incurred another impressive hike and now sits within the $8,300 range.
Thus far, everything analysts have predicted regarding bitcoin’s behavior in the 2018 second quarter is coming true. The coin saw a massive price jump of roughly $1,200 between April 11 – 13, and the price has stayed strong ever since, and while one could argue that we have only reached the weekend, present indicators suggest that the price rise is not a fluke, and may continue in the coming weeks.
Overall, the currency has enjoyed a near 16 percent spike in value since the mid-week point. The previous (and disappointing) drops that seemed to occur regularly can be attributed to, according to Fundstrat’s Tom Lee, an “oversell” of the currency, which he suggests occurred at the beginning of the year. However, he remains confident that the sell-off period has reached its peak, and that the currency could ultimately break its previous record high to reach $25,000 by the end of the year.
In addition to bitcoin’s sudden rally, Ethereum is also enjoying a higher position on the financial ladder. The currency had fallen to its lowest point in a long while last earlier this week, ultimately dropping down to less than $400. Today, the currency has experienced a near 30 percent gain in its value, and analysts are very confident the rally could continue.
The cryptocurrency market has seemingly grown by an impressive 20 percent this week alone. At press time, the market cap stands at over $325 billion – an impressive hike from its previous $250 billion status – of which $20 billion has been gained since April 9.
One reason for the added price boosts and overall jumps in the digital currency arena could be that investors in the United States are potentially showing more interest in cryptocurrencies that stem from overseas sources. Venezuela’s petro, for example – allegedly backed by the country’s oil reserves – has recently incurred a trading ban by President Donald Trump, who has worked to prevent any U.S. enthusiasts from getting involved.
One source suggests that this ban has backfired. It is hard to accept the statement as complete truth granted Venezuela’s history of making false statements – predominantly regarding the petro’s overall value, and how it has managed to raise over $5 billion this year alone.
However, a representative of the Venezuelan government is allegedly “thanking” President Trump for the ban, saying that the move has resulted in further publicity for the coin and stronger interest from U.S. investors. Authorities have since made some very large predictions regarding the petro’s future, suggesting that its “impact” could likely be felt anywhere between three and six months.
The big question now is whether bitcoin can strike the $8,500 point in the immediate future. Many analysts claim that if this were to happen, $10,000 would likely be next. Either way, many experts are unanimous in their sentiment that a major bull run is on the verge of taking place, and the long-awaited period of recovery for bitcoin and cryptocurrencies in general may be here.
