The momentum that Bitcoin had picked up in early December 2017 seemed to be lost by the time the year came to a close. Over the past three weeks, Bitcoin’s massive growth rally has disappeared and the coin has slowed down and stabilized. Ranging between $12,000 to $15,000 over the weeks, the currency appears to be bouncing back now as BTC prices have now crossed $16,000.
This is a recovery of almost $4000 from the major correction that took place on 22nd December last year. Moreover, this is good news if a lot of your investments are in Bitcoin. If you went through our technical analysis of currency prices yesterday, we had set $16,000 as a resistance. Bitcoin cleared it momentarily. Reaching this high is a positive sign of growth and thankfully it won’t hit the $12,000 mark for a long time.
Bitcoin recently crossed the $15,000 mark a couple of days ago – after it came to light that early Facebook investor and PayPal co-founder Peter Thiel had invested in the currency. This is the second $1000 jump in the price of the currency since then – taking the price to $16,000 and beyond.
It was feared for a while that if the $16,000 figure is not attained – there might be severe consequences as the support would break and the currency might fall to as low as $8000. However it now appears that there is no such panic in the markets and the currency is growing in a stable manner.
A Bitcoin growth rally is expected shortly, especially considering that almost every other major cryptocurrency has seen one over the past couple of weeks. Bitcoin going in a growth rally would be a direct response to Ripple gaining momentum as XRP’s market cap is now 50% of that of Bitcoin. Meanwhile, Ethereum too, is looking forward to occupy the #2 position which it had lost out to Ripple as Ethereum gears up to reach $100 Billion in market cap.