The world of cryptocurrencies has been booming and awareness around Bitcoin is at an all-time high now. The currency has been one of the focal points of international debates and discussions – and has become an important governance aspect for many nations. Bitcoin price, over the past few months has been going through a roller coaster ride. The price has been falling, much to the dismay of the investors. Bitcoin continues to suffer as markets continue to be sceptical about investing in it.
Bitcoin prices have once again reached the $6000 levels. The currency has been trying hard to sustain over there and not fall below the $6000 mark – which has yet to be breached even during the recent bloodbath phases. Bitcoin has found its strongest support at $6000 so far.
The biggest question at the moment is – when would the prices recover? We have heard many major names in the industry comment on the fact that prices are going to bounce to $20,000 to $25,000 in 2018. However, so far there has been no indication about the same. Amid this confusion, the last 24 hours showed a slight ray of hope as the price surged by 4% over the day.
Bitcoin prices traded at $6603 when the day’s trade started. The currency moved on to a high of $6932 before closing the day at $6871 to end the day. The currency surged by almost 4% – a positive sign for the markets. With this, Bitcoin is once again eyeing the $7000 level. Bitcoin’s market cap rose from $111 Billion to $116 Billion. Bitcoin’s market dominance now stands at 45.2%.
A week-long view of the price of the currency indicates Bitcoin has had a relatively stable week as the currency started the week at $6982 and ended the week at $6872. At the highest point of the week, Bitcoin crossed the $7500 mark, but it was a downhill ride from there on.
Bitcoin’s price has been on a continuous fall primarily due to the fact that the markets are getting hostile. With social media platforms banning cryptocurrency ads – as well as governments such as those of major Asian nations like India and Pakistan turning hostile, Bitcoin is having a hard time sustaining any price points and keeps sliding down.
However, once the commotion is settled, the second half of the year is expected to be a period of major growth. We expect a couple of more months of uncertainty and prices fluctuating between the $6500 to $8500 mark before an actual full-fledged bull run begins, helping Bitcoin prices go beyond the lines of resistance hounding the growth right now.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.