Bitcoin continues in its upward trajectory when it comes to the current pricing. Within the past two days, Bitcoin has experienced two price spikes with each spike surging the price by up to 400 dollars.
Other Cryptocurrencies On The Upward Trajectory As Well
Other Cryptocurrencies also experience this upward trend in pricing in the digital coin market. These Cryptocurrencies which include Bitcoin Cash, Ethereum, and Ripple. They have continually also increased in price with every increase in Bitcoin prices and have been reported to have experienced growth of up to 15 percent in the last twenty-four hours.
This upturn in the prices of different Cryptocurrencies had come at a time when Cryptocurrencies had been experiencing a steady decline in their prices for months. In December, the price of Bitcoin had ballooned to a staggering price of $20,000 per coin. The current surge experienced within the last two days put Bitcoin price at $6,500.
Cryptocurrencies Expected To Continue Recovery
Many analysts have hinted at the fact that this rise in Cryptocurrency prices may be a sign that more recovery should be expected in the sector. This price spike has seen more than half the digital coins available in the exchanges register gains, a first since back in May.
The co-founder of the personal finance firm Finder has said that although the number of traded volumes have plummeted, this increase in the prices of over half of the digital coins is a positive for the Crypto space. He went on to say that should this trend hold up longer, and it would signify the end to the bearish trend that has been plaguing the sector.
Good News For The Cryptocurrency Space
This sudden increase in the prices of many digital coins has come in the wake of the Cryptocurrency space receiving some good news. This good news included Facebook lifting the ban it had in place against Crypto adverts on the platform. The next good news was the prediction by ING that people should expect an increase in the interest of the Crypto space soon.
The Dutch banking giant made public an economic report whose findings showed that over fifteen percent of Europeans would own digital coins soon. The survey which was conducted in fifteen different countries and which close to fifteen thousand people took part in showed that there was a gradual change in the way people think about the Cryptocurrency space and that this change in attitude will lead to more people engaging in it.
At the time when the report came out, Jessica Exton, an ING behavioral scientist said that though Cryptocurrency was still considered as an ideal investment by many, the demand and appetite for digital currency was increasing gradually.
It has been opined that this increase in appetite and adoption will be possible once people find an actual use for the digital coins instead of them remaining as speculative investments, the way they currently are. The major hindrance to digital coins being adopted as a viable mode of exchange, however, is their volatility.