Bitcoin on December 17 fell below $7000, and within 48 hours, the coin managed to score over $7000 against USD again. If you’ve been trading bitcoin or been actively following the bulletins around bitcoin, you might have noticed how Bitcoin gained hundreds of dollars within a few hours.
Is bitcoin recovering the loss?
Bitcoin at the press time is surging over 7.20 percent within the past 24Hrs which pushed bitcoin to the mark of $7155 against USD. The quick surge might have showered its blessings across the other leading cryptocurrencies – notably, Ethereum is up with over 3 percent, whereas XRP is rallying 2.20 percent, respectively. However, a similar suit is followed by other top 10 cryptocurrencies except for Tether and Tezos.
The sudden spike certainly excited the crypto traders and market as a whole – before trading at around $7100, BTC touched the peak at $7335. However, it is said that the coin is pushing further to reach the $8000 level.
Also, it’s worth adding that the report points futures markets as one of the critical reasons for Bitcoin’s price surge, which means that the traders here are highly focusing on the accrual of longs on Bitfinex and not USDT flows.
Another reason that is being highly discussed these days is “Year-end hype.” As 2019 is coming to an end, the market is quite bullish to see the higher trading value of Bitcoin. The fundamental phenomenon is that some traders prefer delaying selling their assets until 2020 to delay taxations, which might bring a quick rally in Bitcoin’s price.
More so, with the end of 2019, some believe that the crowning cryptocurrency was the “star investment” of the decade, sidelining the traditional form of investment, including bonds, stocks, commodities, and fiat currencies worldwide.
Noticeably, Bitcoin was valued in one figure at the start of 2010, and considering its years’ long journey, if one had invested $1 at that time, it would be worth over $90,000 today. In contrast, the same $1 investment in American stocks at the same time would now be valued at just $3.46. Considering these factors in consideration, Bitcoin is being termed as the star investment of the decade.
As Bitcoin is yet to show its brighter side, what’s your take on the possible price movement in 2020? Let us know in the comment below.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.