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In the last 48 hours, the price of Bitcoin has increased from $ 3,629 to $ 3,890, more than seven percent.
The price of Ethereum also rose by 19% from 2 January from $ 143 to $ 160, recording a substantial increase in value before its highly anticipated fork of Constantinople.
Not a bad year for Bitcoin
Bitcoin ended 2018 with a decline of 80 percent of its price from its all-time high to $ 19,500. However, Jameson Lopp, the chief technical officer of Casa and a former BitGo executive, said on the basis of various metrics, it can be argued that Bitcoin has achieved relatively good results.
In terms of scalability, knot growth, hash rate, influence in academics and daily volume, Bitcoin reported a significant improvement from the start of 2018. Lopp said:
A couple of things are clear: 2018 was the worst year for Bitcoin. Furthermore, 2018 was the best year for Bitcoin. It depends only on which metrics you are focused on.
The head of the House noted that despite the decline in the price of Bitcoin, the number of nodes achievable has not decreased much, suggesting that individuals use Bitcoin nodes for economic purposes and will not suspend them in the short term.
With an academic interest for fast-growing Bitcoin and also the amount of venture capital investment is constantly increasing, he said:
Yes, the bitcoin went bad in terms of the exchange rate in 2018. But from almost every other metric the system is improving and growing. Those of us who are dedicated to this system must continue to BUIDL and add value; we have no control on the market, but I expect that it will reach us sooner or later.
In the cryptocurrency market, the value of cryptographic resources moves in cycles and is minimally influenced by developments in the sector.
While the industry sets the stage for the next wave of investors and users in cryptocurrency ecosystems, analysts believe the price of Bitcoin and other large cryptocurrencies will follow.
Can the momentum of cryptographic assets be supported?
Digital assets such as Ethereum, EOS and Bitcoin Cash reported large gains over the past week, with Ethereum up by more than 19% in a 24-hour range against the US dollar to detect Ripple (XRP).
Ethereum could continue to see an increase in its price over the long term, considering that the Constantinople fortress is similar to halving the Bitcoin block premium in the sense that it decreases the potential supply of ETH in the coming months.
However, it remains to be questioned whether the recent resumption of cryptographic activities could lead to the end of a bear market for digital resources.
Beginning January 3, cryptocurrency market valuations remain $ 90 billion down compared to November, and must increase by 69% to reach November levels.
Until cryptographic resources reach an assessment of over $ 300 billion, it is not possible to state conclusively that the cryptocurrency bear market has come to an end.
Shutterstock foreground image. Price charts from TradingView.
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