This week marks some good news for cryptocurrency advocates. After several weeks of “downplay,” several of the world’s largest digital currencies have moved forward to experience some steady price boosts.
Bitcoin, for example, is currently trading at $6,940 – a $200+ jump from last Monday’s $6,700. The currency has experienced a $100 price jump every day since, and the $7,000-mark Bitcoin struck over the weekend may again be drawing near.
Cooperation Comes from Unlikely Figures
In recent weeks, the currency has struggled to garner support in traditional financial systems – several banks in Canada and the Reserve Bank of India have announced they will not support Bitcoin and cryptocurrency ventures).
Fortunately, cryptocurrencies are experiencing newfound respect amongst Wall Street moguls like George Soros, who despite consistently calling Bitcoin a “bubble,” announced that his company Soros Fund Management would be trading digital currencies in the coming months.
Additionally, the famed Rockefeller family in New York is teaming up with blockchain and digital currency advisory firm Coinfund, and the strength of both parties may have helped the father of cryptocurrencies with its present rebound.
Is History Repeating Itself?
It appears history may be on Bitcoin’s side. As we clear the path for the second quarter of 2018, analysts note that this point in time has typically been friendlier to Bitcoin than first quarters, which consistently bring massive drops to the currency’s price.
We know that in 2015, for example, the price of Bitcoin fell to less than $200 after spending the latter half of 2014 hovering in the $400 – $500 range.
Things ultimately didn’t improve until later that year – specifically in October and November – when the currency began experiencing jumps to $300, then $400 and beyond.
The currency could experience similar patterns now that the first quarter of 2018 is over. For the most part, the coin has continued to show signs of life with occasional (and relatively small) spikes, which means its popularity and overall drive haven’t diminished yet.
We’ll have to wait until we get closer to the summer to get a stronger idea regarding how (and when) Bitcoin will turn.
A New “Rollout” for Ethereum
Ethereum has also joined Bitcoin in the “jump category.” At press time, the currency is trading for nearly $440 – a massive spike from its previous mark of $391 early this week.
Ethereum’s price change could have been affected positively by Gemini’s recent decision to enforce block trading for the currency, which launches tomorrow on April 12.
The move is designed to halt massive price changes that stem from both large purchases and sales of the currency. This could help enforce limited control over the volatility factor that has many financial regulators on edge.
Furthermore, Ripple is trading at slightly over $0.50 (a nice jump from the $0.40 it stood at just a few days ago), while Bitcoin Cash sits at $680 and Litecoin at $117.
Bitcoin Cash and Litecoin Join the Party
Were the comments enough to push the currency higher on the financial ladder?
Litecoin, on the other hand, has undergone the smallest hike amongst all the major cryptocurrencies and is currently experiencing low trading levels, though it appears to be less vulnerable to volatility in recent weeks, thereby offering investors some stability instead of immediate gains.
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