Bitcoin’s price has broken through the $8,000 due to an exception change in its fortunes. This upturn in fortunes has seen Bitcoin’s price increase significantly in the span of two weeks, by 30 percent.
Bitcoin’s Growth Unmarred By Other Digital Coins
Other important digital coins such as Ethereum, Ripple, and EOS have however not followed Bitcoin’s suit, they have failed to show similar price trends as with Bitcoin and are also not mirroring its movement in the market. The only digital coin that has been seen following Bitcoin’s trend has been Bitcoin Cash, which is itself derived from Bitcoin, whose price has increased by 5 percent in the last 24 hours.
The Different Views On The Price Growth
Even though Bitcoin started the year on a low, with its prices being uncharacteristically low in contrast to the surging prices experienced at the end of last year, its steady gains in the last two weeks seem to suggest the digital coin is already recovering. This growth is however still in sharp contrast to the astounding highs of 2017 that saw Bitcoin at one point being valued at a whopping $20,000. This was mainly due to the increased interest in digital coins.
Many analysts have opined that this growth exhibited by Bitcoin is mainly due to the public, with the media’s dissemination of good and positive news helping to boost Bitcoin’s momentum which will, in turn, boost the crypto space.
David Sapper, the chief operations officer for Blockbid has stated that indeed these are exciting times for digital currencies and the Blockchain technology, ignited by the interest which Tier 1 financial institutions have exhibited in the crypto sphere.
He said that even though many of the companies will take time in implementing their crypto plans, the positive light which continues to be shone to the crypto space will be advantageous to the crypto market as well as boost the prices of digital coins as has been evident with Bitcoin in the recent past. He continued that growth of Cryptocurrencies and gradual expansion of the crypto market will see more of the Tier 1 banks and financial institutions invest in it and capitalize on the growth.
Bitcoin May Be On Way To $10,000
This latest growth has some experts predicting that we may be seeing Bitcoin hit the $10,000 very soon. Matthew Newton, a trading analyst at eToro, has commented that if Bitcoin would be able to break through the $8,000 barrier, then it may be soon also hitting the $10,000 mark.
Another analysis conducted on the Finder.com platform suggested that an increase in the trading volumes could also be the main reason for the surprising recovery of Bitcoin’s prices. In giving a more in-depth look into this possibility and offering up more statistics to back it up, the firm intimated that the overall trading volumes for the last week were at $105.5 billion in comparison to the trading volumes experienced last week, $81.7 billion.
He added that of the top five digital coins, it was only Bitcoin Cash and Bitcoin which have registered an increase in their prices.