After more than a month of trading in the red, Bitcoin (BTC) seems to have finally experienced a new bounce, starting on December 17th. The new surge came just after the weekend of sideways trading, and Bitcoin has seen a relatively sharp surge which has increased its price by $900 within a few short days.
Now, investors are left wondering whether this bounce is the real deal, or is it something else that it’s making BTC rise so unexpectedly.
How did the surge affect BTC and the market?
As mentioned, the spike up started on December 17th, without any warning, and seemingly without a real reason. As usual, the change in Bitcoin’s own behavior has affected the entire market, and most of the top 100 currencies started trading in the green for the first time in over 30 days.
Many of these coins experienced a much larger surge than Bitcoin itself, such as EOS, which has gone up by over 25% at one point. In comparison, the Bitcoin increase remained in single digits. Even so, the current situation is still better than it was in the previous month, with Bitcoin’s price exceeding $4,000. At the time of writing, Bitcoin’s value is at $4,102, with a 0.65% increase in the last 24 hours.
XRP and Tether (USDT) are currently the only two coins within the top 10 cryptos that are trading in the red, with the rest of them experiencing larger increases. This is especially true within Bitcoin’s ecosystem, where Bitcoin Cash (BCH) is seeing a 30.53% surge, and Bitcoin SV (BSV) growing by over 23%.
Is it real?
The question on every investor’s and trader’s mind right now is whether or not the current growth is real and permanent? The crypto community has been speculating about this ever since the surge started on December 17th. Since then, many were claiming that the current situation is nothing but another attempt at market manipulation.
Some analysts have even speculated that the change is a beginning of a “Bart” pattern, which starts with a price surge, followed by sudden spikes which go both up and down and then resulting in a drop which brings the asset’s price close to the starting point. The pattern was named after the iconic character from The Simpsons, Bart Simpson, as it resembles the shape of the character’s head.
— The Crypto Dog???? (@TheCryptoDog) March 27, 2018
Many argue against this theory, stating that the current increase lasts longer than a typical “Bart” pattern, although it is still possible that the pattern will hold.
For now, Bitcoin’s price is higher than it was in weeks, and the same is true for its market cap, which has exceeded $71 billion. The total crypto market cap has grown as well, currently holding at $135.4 billion. Whether or not the recovery will hold still remains to be seen. For now, however, the increase is giving hope to investors and traders around the world, with many of them being optimistic, and claiming that this might be the start of a bull run that will return Bitcoin’s value to heights experienced earlier in this year.
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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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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
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He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
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