Bitcoin
Is the New Bitcoin Bounce For Real?
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.
Typical Bart Simpson pattern on #Bitcoin $BTC / $USD pic.twitter.com/4nIjuFWHxD
— 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 price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
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Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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