At the start of last week, people started to joke about the idea that Bitcoin would decline to a value of $7000. As time went on, these jokes started to turn into worries, which would later turn into harsh realities.
Moreover, Bitcoin continued to decline, past the $7000 threshold, worrying investors and fans alike.
Honestly, I do believe that people thought $7000 would be the absolute limit for the drop in Bitcoins value, however, when the Easter weekend saw Bitcoin scrape by at around $6500, peoples fears and concerns really did spring to life.
Fortunately for many, this trough does seem to be pretty short lived. Since it’s plummet over the weekend, Bitcoins value has begun to increase, reaching $7400 this morning, climbing at around 5%, in theory it should be back at $7500 in no time.
This is by no means ground-breaking news, $7500 is still a stark contrast to Bitcoins more recent heights, but a steady climb in value after what has been described as a disaster first quarter for the currency is good news.
Hopefully this indicates a recovery, not just for Bitcoin itself but for the wider cryptocurrency markets. This morning most of the top 100 currencies are increasing in value with healthy percentages, moreover, regarding Bitcoin specifically again, according to The Merkle, the past 24 hours have seen $5bn worth of Bitcoin trades take place. This suggests that demand for the currency is still high.
Okay, so we haven’t reached a period of certainty yet, Bitcoin is not by any means out of the water, but these trends and figures are starting to paint a much prettier picture for both the future of Bitcoin and the rest of the cryptocurrencies. Whilst it might not quite be the perfect time to start buying in bulk, I think that careful examination of the markets over the next week will provide a more suitable indication of what’s to come, meaning finally, a new wave of value may very well be in sight.
Let’s see what happens this month as the dust settles, things are going to be very interesting to say the least.