In the wake of the latest price appreciation of the leading cryptocurrencies such as Bitcoin, many crypto pundits and experts are trying to come up with reasonable explanations on the sudden price movement being witnessed in the market. Some analysts are leaning towards a short squeeze argument while others argue that the rumors doing rounds on an imminent BTC ETF pronouncement from the SEC have been the driving force behind the new market hype.
For Bitcoin prices, first it was trading at 6,000 US dollars a few months ago, then the number one digital coin skyrocketed to exchange at 8,000 US dollars a few weeks ago. Today, Bitcoin is trading at about 8,176 US dollars per coin (even after the ETF rejection by SEC), a huge difference from its initial value of 5,849 US dollars in June.
Even though the prices have shaken a bit after SEC thrown BTC ETF case file in the air, currently, Bitcoin is on an upward trajectory and back on winning ways once again. In the last one month, the market has witnessed the prices of virtual currency rising by 33 percent and appreciating by 20 percent within the last few days (until the Bitcoin ETF wasn’t rejected).
However, the question many investors are asking is the present value increase foretell the start of another market rally for Bitcoin and other major virtual currencies?
The Price Surge Case for Bitcoin
Protagonists of Bitcoin are standing on their ground and claiming the number one ranked digital currency’s price surge could be the starting point of a bull run that is similar to the one that was witnessed in the latter quarter of last year when digital currency’s value hiked to almost 20,000 US dollars.
According to the CEO and founder of a cryptocurrency-focused investment company, BKLM LLC, Brian Kelly, while talking to CNBC, big traders and sellers have exited from the virtual currency space leading to the drawdown of Bitcoin’s prices.
However, due to Bitcoin’s exchanging share of the overall virtual currency markets, Bitcoin’s dominance in the crypto market space has increased and solidified remarkably. The more investors exchange using BTC, the stronger it becomes. The last few weeks has seen the cryptocurrency’s dominance rate move up, signaling investor confidence and trading into cryptocurrency.
News development has also played a significant role in propelling Bitcoin and cryptocurrency market in general into the mainstream consciousness. I am talking about the news such as:
Pantera Capital announces lifetime returns of more than 10,000 percent
Recently, major digital currency investment company, Pantera Capital disclosed to the world a mind-blowing return of more than 10,000% on its fund. Announcing the news during their 5th year anniversary, Pantera shocked the market airwaves with their pronouncements via email of their envious returns with the company still bullish on Bitcoin and are likely to continue investing in the number one cryptocurrency in the market.
Pantera is devoted to some leading distributed ledge companies and virtual currencies, with its portfolio reading names such as Zcash, Korbit, Bitstamp, Ox, and Polychain.
Other Cryptocurrency news such as the HashFlare Bitcoin mining resumption news, Coinbase Internal probe, and Bitcoin cash allegations are positively impacting Bitcoin prices and the general cryptocurrency market. A majority of the top ten cryptos in the market are starting to make a come-back, we are carefully monitoring the situation, but a continued price surge is expected in the market.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Why Chinese New Year Affects Bitcoin (BTC)
Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.
The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.
The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?
China and Bitcoin
Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…
EO.Finance Launches Highest Paying Crypto Referral Program of 2019
The EO Referral Program, already touted to be a significant addition to the ecosystem has been launched, and more details can finally be revealed. Offering 30% of transaction fees for each referral, it is expected to be the highest paying crypto referral program of 2019.
Each user will receive their own unique invite link, which can be shared with friends or via social media, in order to start earning 30% of the companies fees for every transaction made by someone who registered using their unique link. Furthermore, receive 5% of the fees for each new referral introduced by your own referral, increasing earning potential and adding even more benefits to an already feature-packed ecosystem. The fact the ecosystem supports credit and debit card transactions, as well as more than 40 cryptocurrencies means it will be even easier for you to start earning from your referrals.
The EO Referral Program will also extend to EO.Trade following launch, meaning it will be possible to earn from a single referrals transactions across multiple products within the EO ecosystem. It is important to note that the figure of 30% is significantly more than most competitors offer.
Payment will be made in the same currency as was purchased or exchanged. Withdrawal of the profits earned via the program can be made instantly, meaning you can earn immediately from your referral.…
Is Bitcoin (BTC) Ready for Another Surge?
It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.
Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.
Projects that could have sparked the next rally
As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.
One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed…
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