With Bitcoin well above the $7,000 price mark despite the bulls slowing down and with the majority of other digital currencies unfortunately in the red experts are being rather optimistic regarding the interest that Bitcoin has in its slow but continuous surge higher.
Saying that, Bitcoin seems to have stopped at around $7,450. When I write this, Bitcoin is not only the biggest cryptocurrency in the world, but it also has a market cap of around $127 billion. Nevertheless, for the past day, Bitcoin has seen some of the red but only 0.06% of it.
The cryptocurrency market as a whole has been seeing gains over the past few days. In fact, over the past three days Bitcoin has boomed by 17% before the bulls fell back.
If you take into consideration the short-term sentiments that surround the market, Bitcoin should be able to stay stable for a while.
Coins like XRP, Bitcoin Cash, EOS and NEO are all down by several percentages whereas Bitcoin seems to be keeping in balance. Stellar (XLM) is also up by around 10% as well.
Despite the bulls steering more towards a bear, crypto fanatics and enthusiasts aren’t moved by the news. The CEO of Digital Currency Group, Barry Stilbert has showed his views on the matter saying that the only way is up for Bitcoin.
“I think we’ve probably hit the bottom for the year. I actually put some money into Bitcoin last week… as an asset class it is here to stay. I’m 100% confident a decentralised, non-fiat form of money is here to stay.”
Stilbert went onto say this at a New York conference:
“This is a new infrastructure layer of the internet. It will replace what operating systems do. It is the future of the internet… this just isn’t about digital gold.
I think a lot of people were looking for a bottom… looking for an opportunity to get in, I think the bears just ran out of energy, ran out of Bitcoin to sell.”
Analysts and investors are eager to see their entry into the market as it is predicted that when they do, the price of Bitcoin will surge once more. Another thing to consider is the consistently rising hash rate which is further indicator that there will be a big boost according to the analysts.
The market is optimistic regarding the bull run and surrounding factors that are affecting the likelihood of a major upward movement.