As one would come to expect from the world of cryptocurrency, prices and valuation change on a regular basis. Just yesterday, a few people assumed things would continue to go down for Bitcoin and other currencies. Today, however, the prices are going up again, although there is still a lot of volatility to contend with. Do not make an impulse purchase right now, as things could turn around in a heartbeat.
Bitcoin Looks To Break Out, But Might Not Succeed
There are quite a few different opinions regarding the future of bitcoin right now. Financial experts claim the recent pullback shows why bitcoin will never be considered to be a major currency or form of payment. Cryptocurrency enthusiasts are all too familiar with major price swings, even though they have become a lot less frequent these past few years. The recent price increase and subsequent drop goes to show anything can happen in cryptocurrency.
Things are seemingly off to a somewhat decent start as of today. The Bitcoin price is seemingly on the mend, pushing the value back to nearly $2,300.That is quite a significant gain compared to the $1,850 price just a few days ago. This sudden spectacular price increase could result in another major drop shortly afterward, though. It is still too early to tell what will happen exactly with the Bitcoin price, though.
To put this price increase into perspective, it is evident there is some resistance on the charts. Once the Bitcoin price hit US$2,291.9, it was followed by an immediate sell-off back toward US$2,250. Although this is only a major drop compared to what happened less than two days ago, it goes to show there will be no infinite upward momentum for Bitcoin any time soon. Then again, it is good to see the price back above US$2,000, as that seems to be an important mental barrier for most traders.
The coming days will be quite interesting for both Bitcoin and the various alternative currencies people enjoy trading. It is evident the upward momentum for Bitcoin is far from over, yet it will not be easy to push the price back to US$3,000 and above. Anything can happen in the world of cryptocurrency, though. Almost all alternative currencies saw a price increase as well, although they may only be temporary. After all, once bitcoin goes up, the rest of the market tends to follow.
Now is a good time for prominent alternative currencies to decouple themselves from the Bitcoin price action. Any currency claiming not to compete with Bitcoin should see its value go up or down regardless of what Bitcoin is doing. So far, that does not appear to be the case, regardless of what individual currency community members may want to believe. Bitcoin is the driving factor for growth in the overall cryptocurrency market, and that will not change anytime soon.
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