This week has looked promising for cryptocurrencies, numbers have been green, and values have been going up. This has made a change at least from the previous few weeks which saw us end the first quarter of 2018 with quite dismal feelings.
Well this afternoon, we have seen a sudden surge upwards across the markets, with the top 5 coins raking in quite significant gains over a couple of hours now, here’s the standings at the time of writing:
We should pay close attention to Bitcoin here which as we know often gets accused of setting the trend for the rest of the market, indeed this has been the case of late, with a few notable exceptions of course.
This surge has thrown a huge advantage in the direction of EOS, which has been making incredible progress over the past few days and now looks to reach $9, exceeding expectations across the board.
To give you a greater context here, just after 12:00, Bitcoin was valued at $6938, 40 minutes later Bitcoin’s priced surged to $7796, increasing by nearly $1000 in a matter of minutes.
Further down the markets this trend continues with Steem, up 27.31% and recent top performer aelf up 37.18% at the time of writing.
What has caused this?
Really, we are unsure, the Bitcoin trading volume has gone up massively over the past few days for a number of reasons, so this perhaps does have something to do with the sudden rise, over all though this just serves as but a simple example of how volatile the cryptocurrency markets are.
Unfortunately, we can’t expect this to become a continuing movement and ultimately, some correction must occur within the market which will apply some balance back to the values of the coins. Because of Bitcoins high value, this will probably have quite a big impact on Bitcoin, this isn’t to say of course the value of the coin will go back down, it is more a case of yes, it will descend slightly but, hopefully, in doing so it keeps way ahead of the $7000 barrier it has recently been struggling to get over.
For the coins like EOS who seem to have had a lot of luck recently, things have certainly gone in their favour this afternoon.
Keep your eyes on the markets this afternoon, things are looking good but don’t let your optimism get the better of you.