The value of bitcoin has reached above $8,000 this week for the first time since May, and the chances are they might be in a good fortune and the price of bitcoin will increase as we have seen the cryptocurrency rise in value by more than 30 percent in the space of two weeks.
Ethereum, ripple, EOS and other major cryptocurrencies, have bucked the usual protocol by not mirroring bitcoin’s market movements. The bitcoin cash itself a spinoff of bitcoin – followed suit with a sudden increase of 5 percent within the last 24 hours.
Bitcoin latest price gains mark a month of steady increase, which followed its worst start ever to a year. Its present price is still a long way to reach the mark of $20,000 which we have all seen in the year 2017 and this amid remarkable enthusiasm for the digital currency. Experts and Analysts said the positive news has helped drive bitcoin momentum, which in itself will lead to further good news for the cryptocurrency space.
“This period is an extremely exciting period for cryptocurrency and blockchain technology with increased interest from Tier 1 banks and financial institutions,” David Sapper, COO of Blockbid, told this to a local newspaper.
“As it will take a long time for these companies to implement their cryptocurrency plans, positive news within the cryptocurrency sphere will benefit the market and raise prices as we have seen with Bitcoin in the last seven days. As the market of cryptocurrencies grow and start to take the bigger part of the market in regards to trading, more and more of these financial institutions will be looking to see how they can capitalize on the growing cryptocurrency market.
Some analysts and experts even predicted that the this run of good fortune could take bitcoin all the way back above $10,000.
Matthew Newton an analyst said, “By soaring past those key barriers of resistance, it would seem history is not repeating itself and there’s real strength in the move,” he said this at the trading platform eToro. He also added to that, ” If the price of bitcoin can close above $8,000 today, we could assume that we have a good run towards $10,000.”