Cryptocurrency: Bitcoin Rose Today After a Major Decline
Bitcoin is back to the top again despite the drastic fall last night. Since the opening Bitcoin managed to reach and surpass $8,000 already. Though it did drop since then, seems like we will be seeing larger numbers than expected by tonight.
This week the price fluctuation has been quite nerve-wracking. Bitcoin managed to almost reach $9,000 but drastically fell to $7,400 midweek. Many reports differed in opinion regarding when Bitcoin would be able to recover from the fall.
Some of the sources considered this week to be an omen for the future of the cryptocurrency. The fall discouraged many of the traders from continuing their investments in the token. There were even reports saying that this is the end of Bitcoin. As anticipated, those reports were wrong.
Bitcoin has been the center of attention for quite some time. It is highly unlikely that the digital token will disappear from the markets any time soon. No other cryptocurrency has managed to surpass it yet and most likely will not be able to for a while. The biggest competition which might arise is the new Facebook token, GlobalCoin, yet to be released.
Though, the two digital currencies differ in many ways. Due to this, investors should not start giving up on Bitcoin. Rather, the two tokens will most likely receive investments from the same and new traders alike. The market will receive a lot of fluctuation upon initial release but should be able to stabilize soon enough.
Many sources said the opposite, telling traders that this was an expected drop and will only be a minor retracement. According to Tim Enneking, the managing director of Digital Capital Management “the entire crypto trading community has been waiting for a pullback for some time now.” Many of the traders kept their faith in the digital currency, which is already paying off.
Bitcoin performs the best in June.
At the time of writing Bitcoin is fluctuating between $8,010 and $7,900. It is hard to say whether the token will reach the heights of May pricing at $8,785 tonight. But, Bitcoin should not take too long to reach $9,000 with some typical drops most likely to follow.
Bitcoin has a habit of performing well in June. Since 2012 Bitcoin scored gains five out of the seven years. The beginning of the month was quite profitable for Bitcoin, reaching $8,737.91 but midweek it reached a low of $7,677. Seems like Bitcoin is slowly recovering after the drop, though it is expected to stay defensive until the beginning of next week.
The number will most likely be able to reach $8,170 before closing. More updates will be coming later in the day. The forecast for the weekend expects stability of the digital currency. Though the unpredictability of the token has often left traders shocked.
For now, there is not much left but to watch and speculate. The numbers keep changing by the minute. Most of the activity is still bullish. All in all, we are hoping to see it reach new heights by the end of the month.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!
Bitcoin keeps rising through the day despite the major drops this week. What is expected to happen? Read more to find out. | Finance Brokerage