Just as Bitcoin is slowly starting to pick up once again, it has faced a new type of backlash. The bulls are very much back with a vengeance, but the worry is that it is just too late to catch the wave of Bitcoin, Ethereum and Cardano.
Despite its rather poor appearance this year, Bitcoin has picked up very slightly over the last week, and is still trading at over $8,000, which is up 14.63% over this last week. As Bitcoin is the top and number one cryptocurrency in terms of market capitalisation, it is not unsurprising that the rest of the cryptocurrency market has followed its lead. Ethereum is up by just over 20% over the past week, and Ripple is up even more by 35.03%. They are not the only ones though, and Cardano, IOTA and NEM are up 43.90%, 51.33% and 50.81% respectively.
The market, that is typically very bullish indeed has increased in value. Of the top 100 cryptocurrencies, 96 have appreciated in value, which has led some to wonder whether we are actually at the beginning of a new bull cycle. The President and CEO of Rewardstoken.io, Tod Rowan agrees with this, saying;
“Bitcoin is the current engine pulling the crypto train. It seems to have found traction post-tax season selloffs; this is good for everyone. Ethereum is finding strong support along with Ripple and others. Next week will tell us if we are leaving the station. We could be off for another bull run.”
Ben Way, the CEO of Digits.io also agrees that we are hitting a new bull cycle, saying;
“The train has definitely left the station for entrepreneurs trying to do an ICO on the back of a napkin. However, just like the shakeout in the dot-com bust, the ICOs with real value and real technology and concepts will be in good shape…this happens in almost every market at some point, next we will see the same in Al and Robotics.”
Some experts are of the impression though that this bull run could actually benefit cryptocurrencies like Bitcoin. Michael Collins, who is the founder and CEO of GN Compass told Forbes;
“After a four-month bear, there are now strong indicators that we are heading towards a bull. Bitcoin dropping to about $6,600 on the 5th of this month was probably the bottom for the year, its price will continue to climb and will probably hit a peak of $15,000 this year. Other coins are following suit with Cardano being the most impressive so far.”
Sadly, not everyone feels like this though, and Roman Guelfi-Gibbs of Pinnacle Brilliance Systems Inc believes the train may well be leaving the station, telling Forbes;
“Investors have some time to make up their minds before the train leaves the station, but they will have to decide soon.”
So there you have it. If you are at all undecided about Bitcoin, you might not have much longer to decide.