While the Easter weekend initially started with a decreasing Bitcoin that also dragged other cryptocurrencies down with it, since yesterday the crypto market seems to have found its way back upwards. Seas of green dominated yesterday and also today it appears that green is going to leave its mark on the market.
Yesterday Bitcoin surged back to $ 7,000 after having reached a bottom of $ 6,500 the day before. Moreover, the complete crypto market established a record in terms of daily growth by rising 10 billion dollars. Bitcoin is currently trying to make its way to $ 7500, now trading 5% higher than yesterday.
Analysts expect Bitcoin to break through the $ 8,000 mark if it reaches $ 7500 within the next few days and if the trading volume continues to rise. Over the past 24 hours, buy volumes on Binance and other trading platforms have spiked, which makes a run towards the $ 8,000 mark more likely.
Especially noticeable is the rise of certain altcoins over the last 48 hours. Cryptocurrencies such as VeChain and Steem managed to increase in value by respectively 25 and 50 percent. Other coins like Verge also managed to raise some eyebrows. Verge seems to have made a good strategic move with its soon to be announced partnership.
First quarter has been mentally challenging for cryptocurrency traders
After the peak of $ 20,000 per BTC halfway through December 2017, the value almost dropped by a third before the year was over. The first quarter of 2018 started with a value of around $ 13,500 and reached a peak of $ 17,500 dollars per Bitcoin a few days after the turn of the year.
Due to the rapid decline and multiple “bloodbaths” in the past 3 months, the past quarter can be seen as one of the worst crypto quarters of the last few years. Continuing concerns about regulations and restricting crypto trading continues to play a part in the market.
Hodl, Whales are coming!
Jon Matonis, Economist, and Bitcoin Foundation founding director, told in an interview with Business Insider on the 2nd of April that the concept of Bitcoin being in a ‘bubble’ was hypocritical.
“To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble”
According to Matonis, it’s not the question “or”, but “when” financial giants such as Goldman Sach will enter the market. The entry of institutions like Goldman Sachs is going to lead to considerable increases according to the expert.
“I think it’s fabulous that they’re getting into it because it brings in new liquidity”
Large institutions entering the market would help “mature the market” and will reduce volatility. In addition, they will develop futures markets, options markets and according to Matonis, we will even see interest-rate markets around bitcoin. To be continued.