Bitcoin and the remaining top 10 cryptos have all seen gains of between 4-11%, following a week which led to many fearing that the market was about to completely crash.
Stellar has seen the biggest recovery as its price has risen by 11%. Bitcoin is up by 6% whilst Ethereum and Bitcoin Cash have both climbed 4%.
Today’s gains will come as a relief to investors who were panicking following last week’s decline which has been a continuation from the beginning of 2018. Bitcoin’s price had dropped to $6,500 yesterday with estimates that it could fall deeper, as low as $2,500 in the near future. However, today’s recovery has seen the price rebound to over the $7,000 mark.
Will bitcoin continue to rise?
The crypto market is still in a very delicate state at the moment. News such as, government bans and regulation could impact the price dramatically. It will be interesting to see whether this rise in price can continue into tomorrow and through the upcoming week.
The market has been in decline since the beginning of January. The market will need to remain ‘bullish’ for a while in order to recover the losses it has seen in recent months.
- AirAsia are planning to create their own cryptocurrency which will convert air miles into ‘Big Coin’ (their Crypto).
- Google is developing its own blockchain in order to support its cloud service.
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