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Bitcoin Price Jumps by $900 Because This is Crypto

Positive surprises are not all that easy to come by in the world of Bitcoin and cryptocurrency. This is especially true when it comes to the Bitcoin price, which is often making headlines for all of the wrong reasons. For some unknown reason, the Bitcoin price is rebounding pretty strongly in the past handful of hours. As such, we are now looking at a value of $7,769 for the first time in nearly two weeks.

The Bitcoin Price may Have a Solid Run

Throughout most of 2018, there has been no positive Bitcoin price momentum whatsoever. Most of the time has been spent catching a falling knife, as the value continued to decline pretty quickly for several months on end. Although we now have an uptrend in place, it is evident there is still a long way to go until this can effectively become a solid reversal. As of right now, we are looking at a net 13.33% gain in value.

While that is rather impressive for many different reasons, it is also a worrisome sign. Considering how the Bitcoin price is bouncing back in vertical fashion, one has to consider how this trend will evolve. It is due time the value per BTC goes up again, but sudden spikes like this one will effectively result in a steep correction at some point as well. Given the correction we have had in the Bitcoin industry throughout this year, it is possible things will get pretty ugly in the months to come.

Even so, the 13.33% decline seems to come up with all kinds of momentum. Not only will it fuel more interest in Bitcoin trading, it is also pushing the Bitcoin Dominance Index back above 43.7%. Although there’s a lot more to cryptocurrency than just Bitcoin, it is evident all other currencies need the world’s leading cryptocurrency to go up in value as of right now.

The Bitcoin trading volume is also – finally – showing some signs of life again. After a few days of being stuck around $4bn, it is now back to $7.32bn where it belongs. While this is still well below the volume most people would like to see, it does indicate the demand for Bitcoin has not necessarily slowed down over the past few weeks.

This increased trading volume does not originate from just one exchange, by the look of things. More specifically, Bitfinex is still dominating the market, as it has always done. OKEx is claiming the second spot, with Binance in third and fourth position. Upbit closes to the top five, which means we have just two fiat currency pairs in the top 10. The two USDT pairs are also interesting to keep an eye on. Surprisingly enough, Upbit’s Bitcoin price is $300 lower compared to the West.

How all of this will play out for the Bitcoin price, remains to be determined. While one can appreciate the current spike, it may not last all that long, depending on how the market responds. A lot of people will take quick profits after buying in at $6m500, which is only to be expected. Even so, there are a lot more people waiting for the Bitcoin price to return to $12,000 and more just to break even.

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Ransomware and Bitcoin are almost two peas in a pod. There have been numerous media reports regarding Bitcoin ransomware over the years. A new study by Canadian and Australian researchers shows this correlation is vastly blown out of proportion While there are Bitcoin-oriented ransomware strains, their impact on our society remains fairly limited so far. Everyone has heard of malicious software forcing victims to pay a sum in Bitcoin. In most cases, this pertains to software encrypting files on one’s computer or mobile device. Known as ransomware, this malicious threat is seemingly more present than ever That is, assuming one believes all of the media reports pertaining to this topic. Ransomware Makes no Real Impact The Ransomware Payments in the Bitcoin Ecosystem study tells a different story. More specifically, there is no noteworthy economic impact due to ransomware schemes. This is in stark contrast to the media headlines we have seen in the past two to three years. Mainstream media outlets make it appear as if Bitcoin ransomware is always lurking in the shadows, even though that is far from the case. To be more precise, the amount of money made from ransomware is fairly limited. There is no factual evidence to prove criminals make millions in Bitcoin from their creations. Not entirely surprising, as the transparent nature of Bitcoin makes it easier to trace payments. That doesn’t mean criminals will stop creating Bitcoin ransomware, though. It is still a popular business, albeit less successful than assumed. It will be interesting to see how this situation evolves. Criminals have taken a shine to Bitcoin due to its erroneously perceived anonymity. The technology itself makes it very easy to identify and trace any suspicious activity on the network in real time. Bitcoin is not suited as a payment method for criminal activity. This is no different when it comes to malicious software. Header image courtesy of Shutterstock The post Bitcoin Ransomware Fails to Make any Economic Impact, Study Claims appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

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