How many times? How many times have we seen Bitcoin fall to only get back up again. Experts are saying Bitcoin could reach as high as 50k this year. Well, the Crypto bulls are back in town: cryptocurrency market cap has just achieved an $89 billion recovery.
What’s the moral of the story? Don’t get caught up in headlines. With the 100 largest cryptocurrencies all rising against the US dollar on Wednesday, it was double-digit time too.
So after 20 percent gains, here we go again. You can regulate them, you can beat them up with a falling stock market, but cryptocurrencies and crypto assets are the future. The five day plunge will take some time to correct itself, it’s not quite over yet.
Ethereum at one point, had a 30% jump over a 24 hour period.
For crypto it was kind of a big day. The heads of two major US regulators testified in front of a congressional committee about cryptocurrencies, initial coin offerings, and the regulation of them.
Crypto volatility is nothing new but the recent movement is a bit like the stock market in recent days. After peaking at about $834billion on January 7, the market plunged an eye-watering 66 percent, wiping out some $553billion, according to CoinMarketCap.
Currently, the total market cap of all cryptocurrencies is estimated at over $390 billion, with bitcoin representing 35 percent of that figure. The competitiveness of the altcoins not named Bitcoin is increasing, and many are wondering if as Bitcoin rises back up again they will de-tether themselves increasingly from the price of BTC in the later part of 2018.
Bitcoin (BTC) fell as low as $6,048 on Tuesday — its worst price since November 13. It made 2017 feel like a long time ago, but inspite of increasing regulation, the popular momentum of crypto in mainstream culture is now unbeatable and unbreakable.
Cheering for a crypto comeback is like cheering for the underdog, and everyone loves the underdog.
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