Bulls Enter The Market Again With A Rise of $333 Billion
Apr 18, 2018 Posted / 653 Views
Good news for all bitcoin holders! The price has now officially gone up to $8,450 after recording a 5 percent increase within the past 24 hours, now trading at near $8,282.
The global crypto platforms are now aiming to reach an all-time high of $350 Billion form its current $333 Billion!
Even though the rise in price is a good news, it is still too early to be saying whether or not it will continue to rise and hence a bullish market trend is a fast decision to say, though bitcoin has the potential to go to $10,000 this April. However, bitcoin is still about 50% of its all-time high of $20,000 which it achieved in the last December of 2017. However, according to experts it is on the road to recovery and can go up to as high as $12,00 too if the market remains undisturbed.
If one goes about it in an optimistic way, it is observed that it was only a short period of time in which the price of bitcoin had increased from $6,500 to $8,400. This was initiating a swift recovery for the first time since mid-March. Not just this, but the valuation of the cryptocurrency market too has achieved a monthly high at $335 billion and if the market is able to perform this well (or maybe better) throughout April, it is also possible that it could achieve a two-month high at $400 billion.
It should also be noted that in the past weeks, the cryptocurrency has seen a huge competition from another crypto like 0x, OmiseGo, STORM, and Wanchai. These high performing altcoins is a sign that the market of cryptocurrencies is gaining stability finally, something which was much needed. This shows that people are finally opening up to take risks and invest in other things as well and not just playing safe.
The CEO of cryptocurrency Dash, Ryan Taylor said that “The selling pressure associated with tax day has subsided right now. As people get their tax returns, there may be new money entering the market”.
Lee too in April voiced the same opinions as Ryan. He too predicted the rise in the price of bitcoin during April.
According to him, “This is a massive outflow from crypto to USD and historical estimates are each $1 of USD outflow is $20-$25 impacts on crypto market value. Additionally, we believe there is selling pressure by crypto exchanges who are subject to income tax in U.S. jurisdictions. Many exchanges have net income in 2017 [of more than] $1 billion and keep working capital in [bitcoin]/[ethereum], not USD — hence, to meet these tax liabilities, are selling BTC/ETH.”
Some credit has to go to South Korea as well. The country’s financial sector is influenced greatly by word of mouth. And the spreading rage about Bitcoin simply did the trick. The South Korean crypto market is known as a copper pan because of its quickly heating and cooling nature!
It is now dependent on countries like South Korea and Japan to put in money and rise the falling price of bitcoin because people here are volatile too- they make quick decisions based on the trends going on! The bull can now come from these two countries alone.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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