Speaking of the Bull rally Bitcoin's price as of the time I am writing this post is which is 23 April is actually hovering right around the $9,000 mark which is really exciting. I think that if we can hold above the $9,000 mark and break $10,000 within the next week we could honestly be set for a really nice Bull run.
As Bitcoin's price is hovering around $9,000 it's pulling a lot of other cryptocurrencies up with it, for example, Etherium actually just rose above $6,44 which is once again very exciting. Bitcoin Cash is currently above $1,400 which is great to see and Litecoin is actually above $150 and Ripple's price is above 87 Cents now.
Now continuing off of that what exactly do I think is going to keep driving Bitcoin and other cryptocurrencies price up.
Robinhood which is as you know a major stock trading platform that actually has no fees no commission expenses it's really pretty cheap to use, they recently just expanded their cryptocurrency trading platform which is actually integrated into Robinhood App. Now Robinhood released cryptocurrency trading on their app and only a handful of states.
Now when the Robinhood cryptocurrency trading platform was actually within the integrated app, they only allowed trading in California surprising Massachusetts, Missouri and Montana, so it was really pretty limited. However, they did just announce that they will be very soon expanding into Colorado which is really fantastic news.
So you might be thinking you know that's only one more state, no big deal right, however, if you think about it, five states it's actually one-tenth of the total number of states within the United States not counting territories or protectorates.
So interestingly enough, that's actually a pretty decent portion of the total United States coverage. Now in terms of the population, it's actually fairly limited of course California does have a huge population but that is really good news and more integration of cryptocurrency and easy buying through apps such as Robinhood will really allow more accessibility for the common person who wants to and who is interested in buying cryptocurrencies.
I believe that the integration of their platform with the cryptocurrency trading aspect will really help drive prices upward.
The Bitcoin market revolves around a lot of smaller camp traders which is awesome. So if more people can get trading can get active and can really become more experienced, I believe that we will see a pretty strong resurgence of Bitcoin and other cryptocurrencies prices.
Now this isn't the only thing driving the price upward because obviously, we have recently avoided some Bearish signs, such as the trended death cross that we missed about four weeks ago which is great and a lot of other technical averages such as the 50-day moving average really have served to indicate pretty accurately that the Bitcoin Bearish period may be over and that quarter 2 of 2018 will really be something special.
So I think Robinhood really needs to work on releasing their cryptocurrency trading aspect of the app to many more states quickly. Obviously, if there's another major bull market a lot of people are going to be really interested if they fail to gain that momentum, it could actually be pretty disadvantageous for the app itself.
So I think they need to get on that, of course that's easier said than done and I don't run the company so it's pretty easy for me to speculate and you know to tell them what to do from a distance sort of like a backseat driver but I think if they can pull that off, if they can be in at least ten states by the end of next month then I think people will take them a lot more seriously and I think crypto is really in for a pretty substantial rally especially over the summer months.
Let me know what you think in the comments.
Thanks
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