It returns to 2019 highs with no apparent explanation for it. However, Bitcoin Keeps Going Up.
The roller coaster of the cryptocurrencies continues its march. In 2018 Bitcoin and the rest of the cryptocurrencies plummeted after a spectacular 2017 finish.
But in 2019 this market is somewhat more lively and the value of Bitcoin has been growing progressively.
In fact in recent hours the value of Bitcoin has risen again significantly and now is around 7,400 dollars according to CoinMarketCap, a value that was not reached since November 2018 and is the highest of all 2019.
Once again the reasons for this rise are not clear.
55% Growth Since The Beginning Of The Year
The growth of Bitcoin in 2019 has been 55% since the beginning of the year, and as usual this improvement in value has spread to the rest of the values of the segment of cryptocurrencies.
In CoinMarketCap the vast majority of values are growing in recent hours.
The news around the world of crypto currencies did not seem to foresee these movements.
In fact, in the last few days, negative data have appeared, such as that related to the Tether cryptocurrency, which is only backed by 74% real cash.
This crytocurrency is one of the so-called stablecoins, valued with respect to a legal tender or gold, which theoretically endows them with less volatility and a certain level of confidence. However, the New York Attorney General is investigating the Bitfinex crypto currency market and Tether for alleged fraud.
All of this could suggest that Bitcoin and other currencies could suffer consequences derived from this case, but at the moment this is not the case and Bitcoin and market growth has been relatively sustained since February.
Total Bitcoin capitalization has surpassed $100 billion for the first time since November 2018, and now, as always, it remains to be seen where this roller coaster called Bitcoin is going.
And So What?
Bloomberg implies the price increase might have been due to customers who’d stop-loss orders in the degree of 4,200 bucks, but in addition to some part of information on a little-known site that said that the SEC from the USA had eventually approved an ETF predicated on Bitcoins.
An ETF is a financial product which months – even years back – has been shuffled but has not passed the scrutiny of regulators.
Remains to be seen if that increase is merely a blossom of one day or if this degree is actually preserved and the cryptocurrencies figure out how to recover a part of its lost in 2018.
From that magic moment in 2017 we got constant losses that resulted in the marketplace of cryptocurrencies to collapse.
Now it’s been relegated to a definite background in which Yes, there’s still movement.
Many consider that Bitcoin and Cryptocurrencies nevertheless have a bright future, but also the difficulties of the kind of digital money for today can’t be overcome.
As always, we will be watching what happens in the crypto world.
