Return of Bitcoin was a little bit slowly. But the bulls are back with a payback. The struggle is if it is too late to catch again the wave.
Bitcoin didn’t appear very strong on the market this year, but in the last week it has picked up somehow. It is trading at the moment at a price over $8,000, which is up 14.63% over this last week. It is not something surprisingly that other cryptocurrencies have followed Bitcoin. Ethereum is up by just over 20% over the past week, and Ripple is up even more by 35.03%.
The market has increased in value due its bullish position. Of the top 100 cryptocurrencies, 96 have appreciated in value, which has led some to wonder whether we are actually at the beginning of a new bull cycle. The President and CEO of Rewardstoken.io, Tod Rowan agrees with this, saying:
“Bitcoin is the current engine pulling the crypto train. It seems to have found traction post-tax season selloffs; this is good for everyone. Ethereum is finding strong support along with Ripple and others. Next week will tell us if we are leaving the station. We could be off for another bull run.
Return of Bitcoin
Ben Way, the CEO of Digits.io also agrees that we are hitting a new bull cycle, saying:
“The train has definitely left the station for entrepreneurs trying to do an ICO on the back of a napkin. However, just like the shakeout in the dot-com bust, the ICOs with real value and real technology and concepts will be in good shape…this happens in almost every market at some point, next we will see the same in Al and Robotics.”
Some experts are of the impression though that this bull run could benefit cryptocurrencies like Bitcoin. Michael Collins, who is the founder and CEO of GN Compass told Forbes:
“After a four-month bear, there are now strong indicators that we are heading towards a bull. Bitcoin dropping to about $6,600 on the 5th of this month was probably the bottom for the year, its price will continue to climb and will probably hit a peak of $15,000 this year. Other coins are following suit with Cardano being the most impressive so far.”
Sadly, not everyone feels like this though, and Roman Guelfi-Gibbs of Pinnacle Brilliance Systems Inc believes the train may well be leaving the station, telling Forbes:
“Investors have some time to make up their minds before the train leaves the station, but they will have to decide soon.”
So there you have it. If you are at all undecided about Bitcoin, you might not have much longer to decide.