Bitcoin, the father of cryptocurrency, is continuing to surpass our expectations and has reached a new six-month high.
Bitcoin Continues to Impress
At the time of writing, bitcoin is trading for over $5,700 – the highest it’s been since last November.
Back in December of 2017, the currency hit its all-time high of roughly $20,000 – just in time for the holiday season. It was a glorious sight; one that caused many enthusiasts and traders to break out the champagne in early celebration. The currency seemed unstoppable, and several people were certain that the currency would potentially remain on top for a very long time.
Sadly, this wasn’t quite the case. The following month, bitcoin began to sink deep into oblivion, falling to $16,000 in just a few short weeks. By February, it was trading for around $12,000, then $11,000, then $9,000 by early March.
The sinking didn’t quite stop there. By the summer of 2018, bitcoin had fallen into the $6,000 range, where it remained for quite some time. Convinced that this is where bitcoin “naturally belonged,” many analysts believed that the currency would remain in this range for a lengthy period, but by November 2018, a bitcoin cash hard fork had occurred that put everyone on edge.
Industry leaders began fighting and the space was in chaos. As a result, bitcoin fell to roughly $3,600 and remained there until just four weeks ago when it finally shot up beyond the $5,000 mark.
It has remained in this range ever since, ultimately incurring short-term spikes along the way, though these spikes have certainly proven capable of holding their ground. Bitcoin has managed to remain above $5,000 for about a month, growing little by little each week.
In an email interview, Mati Greenspan – a leading analyst with cryptocurrency exchange e-Toro – comments:
Overall, crypto market participants have been getting continuously bullish lately.
So, what can we expect for the future? Many analysts have been unclear regarding whether bitcoin will continue to incur bullish behavior or potentially fall victim to the bears. Many experts, though claiming that bitcoin is doing well, are reluctant to flat-out say that we have entered a bull run.
So, Are We Bullish or Not?
While we don’t necessarily want to jinx the stroke of excellent luck we’ve been enjoying as of late, it certainly feels like we’re in a bull run. Despite some ugly twists in the space along the way – including an alleged scam between Tether and crypto exchange Bitfinex and over $1.2 billion lost to crypto theft in just the first three months of the year alone – bitcoin has managed to withstand the pressure and remain on top.
So, while we’re unable to say for sure, a bull run certainly appears to have hit the space, so maybe the time has come for investors to relax somewhat.