2018-11-29 15:14 |
On November 29, Bitcoin continued its upward move as it breached $4,300. The cryptocurrency had previously gone to 14-month lows, declining by over 30% in just seven days. However, since the middle of this week, trading has been more bullish helping the cryptocurrency find its footing again in the market. It’s not just Bitcoin that has experienced a boost over the last couple of days, with many other cryptos enjoying a price bounce.
Double-digit Percent ReboundThe effects of the Bitcoin Cash hard fork have finally started withering from the crypto markets. On November 15, it was still unclear whether Bitcoin Cash would break apart into two competing chains and the exchanges were also looking into the fork carefully to try and avoid confusion. However, soon after the fork, the markets started to tumble. Now that the storm may have passed, as Bitcoin is starting to rebound, currently trading at $4,347.99 and which is a gain of more than 15% over the last 2 days.
The Thanksgiving week was terrible for the coin as it declined by around 35% in just seven days and went all the way down to $3,477, creating panic across the markets as it hit its 14- month low. It was heading towards its worst bear market ever as prices fell by more than 80% from last years highs. Whether the bearish phase is completely over for Bitcoin yet is still unknown.
Other Currencies Are Also Picking UpRipple XRP is currently trading at $0.39 on Thursday afternoon with a 3.52% increase in the past 24-hours. Ethereum is trading at $121.37, with a 6.17% increase in prices in the past 24 hours. Most other prominent cryptocurrencies have increased substantially from their lows, Tron could be noted as a top performer currently up 30% over the last 24 hours.
CoinList co-founder and president Andy Bromberg commented on the rise, saying that investors are “digging back in after the craziness of last week.” He goes on to say that:
“Today’s rise is mostly a reaction to the precipitous drops last week, and people think that may have been an overreaction.”
Good news has also started coming into the crypto sector. Bakkt’s Bitcoin futures offering, which was slated for a November release but was delayed recently, is set for a January 2019 debut. The futures offering is backed by Microsoft and NYSE-owner Intercontinental Exchange. Nasdaq and VanEck are also bringing their crypto offering to the public.
The Crypto Community Strikes Back; Bitcoin Moves Back Above $4,000 and Other Cryptos Follow was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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