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At the time of writing this article, everyone's favorite cryptocurrency is recovering. Could the market finally turn around?
In recent days, Bitcoin has repeatedly recorded falls that eventually narrowed the range to $ 3,600 at the start of this week. The questions passed through the minds of Bitcoin fans about the currency and about the fact that he was officially dead.
Now, however, the currency has managed to turn around a bit. At the time of writing, Bitcoin is trading for only $ 4,400. While there is nothing to break the champagne (after all, Bitcoin was worth almost $ 20,000 at some point), it is a welcome step back to the good old days of Bitcoin's price spikes, and many are hailing the prospects of $ 3,000.
Bitcoin has few friends
Bitcoin is not alone in its current trajectory towards the top. Other digital resources, such as Ripple's XRP, have risen by about 12% from the terrible bloodbath of Thanksgiving which has brought the lower limit of the encrypted market to that of McDonald & # 39; s. Ethereum also increased by around 14%.
In total, the cryptocurrency space has seen about $ 20 billion added to its total capitalization in the last 24 hours.
Leaders weigh
Several analysts attribute the sudden increase to several factors. Andy Bromberg – co-founder and president of CoinList – believes the recovery is likely to be the result of "investors coming back after last week's madness".
Review:
Today's rise is primarily a reaction to precipitous falls last week and people think it may have been an overreaction.
Brian Kelly – CEO of BKCM – believes that the bitcoin may have been partly crushed due to the "hash wars" triggered by the bitcoin cash hard fork that happened two weeks ago. Wars are suddenly coming to an end now that bitcoin money has branched into two separate chains.
He states:
You are seeing that the bitcoin cash saga is played on its own. People were funding a lot of this by selling bitcoins, so an element of sellers has left the market … People are starting to realize that this is a legitimate business class.
Some people are seriously bullish
Meanwhile, the bullish sentiment remains from leading figures in the industry such as Tom Lee of Fundstrat and Tim Draper, venture capitalist. The latter is convinced that the bitcoin will potentially reach $ 250,000 over the next four years, while the former – despite the substantial decline in prices in recent times – is maintaining its position that Bitcoin will close the year at about $ 15,000.
With only a month left to go in 2018, we certainly hope he is right.
Do you believe that Bitcoin is coming back into vogue or that this is an awakening? Let us know in the comments below.
Image courtesy of Shutterstock
