Bitcoin prices rose marginally today to continue the cryptocurrency’s push past $6,500. The market has seen a sharp dip in price in recent days following a number of high profile hacks in South Korea. Is BTC on the rise?
Bitcoin is slowly gaining traction again today, as prices lift across the cryptocurrency market.
BTC saw a rise of 0.79 percent today, trading at $6,520.46 as of 3.30pm today.
The rest of the cryptocurrency market has seen marginal gains as well, with Ethereum trading at $500.86, Ripple at $0.525847 and Litecoin for $96.45
Is BTC on the rise?
BTC appears to be back on course this weekend as prices increase slightly on charts posted this week.
The cryptocurrency market suffered a major blow this week, losing a huge amount of the gains it made through May after a South Korean Exchange was hacked.
CoinRail was hit for an estimated $28 million in alt coins last weekend, sending investors into a rapid sell-off.
The hack allegedly did not affect any of the major cryptocurrencies, including bitcoin, but the effect it had on the entire market was devastating.
Despite prices steadily rising in 2018, bitcoin has lost more than 30 percent of its value in June, with many fearing that prices will begin to stagnate throughout the rest of the year.
Increased scrutiny over cryptocurrency regulation has diminished the hype generated in 2017, with bitcoin trading for less than half its peak in December.
China and a number of South Asian nations have decided to increase regulation and clampdown on rogue initial coin offerings (ICOs), rocking the market into the recent negative spiral.
Today’s charts show some marginal gains, with some analysts predicting the cryptocurrency to finish out 2018 at more than triple its current price.
Wall Street hedge fund firm Fundstrat’s CEO Tom Lee has consistently predicted bitcoin prices to exceed $20,000 by the end of 2018, with other analysts recognising the potential in the digital token.
Further, Phillip Nunn, CEO of The Blackmore Group and Wealth Chain Group, piqued the interest of the cryptocurrency and investing communities in January of this year when he made a prediction that the price of Bitcoin, in the year of 2018, would reach a bottom of $6,000 and a high of $60,000.
So far, Nunn’s prediction is on course, with bitcoin dipping below $6,000 back in April.
Mr Nunn said: “The prediction was based on, first of all, market volatility which we’re experiencing at the moment; I think that’s really apparent. I absolutely stand by my prediction.”
He added: “All the money that exists in crypto at the moment is from the public, so it’s all about market sentiment. A flood of bad news can wobble the market, stuff like regulation. The industry is so small that there’s market manipulation.”
Bitcoin has only 6 months left to reach the dizzying heights predicted by some crypto-analysts, but today’s boost makes the dream seem likely.