The naysayers have been proven wrong once again when it comes to Bitcoin and the cryptocurrency market as a whole. The last 24 hours has seen the value of Bitcoin increase over $500 and along with it most of the major cryptocurrencies as well: Ethereum, Ripple, etc….
This Month’s Gains
Since its peak, last December (2017), the world’s largest cryptocurrency has been on a steady decline for most of the year with a few minor surges here and there. However, this month saw a huge surge in its price – at one point it actually gained over $1,000 in value in just one hour!
As of right now, Bitcoin is hanging around the $8,500 level (4/21/18) but looks like it is going to reach $9,000 real soon – a price it has not seen since March of this year (2018).
Bitcoin Rise Impressive, Ethereum & Bitcoin Cash Even More So
While Bitcoins recent gains are nothing less than spectacular, other popular cryptocurrencies have actually made higher gains within the same time frame.
Ethereum, for instance, rose over 10% in value over the last day and Bitcoin Cash, currently the number four most valuable cryptocurrency, rose 15% within the past 24 hours.
The Reason For This Month’s Gains
The gains seen this April have not just been a product of over exuberance but a reaction to extremely positive news in regards to Bitcoin, the cryptocurrency market, and blockchain technology.
The two most important pieces of news that seemed to have the most impact on Bitcoin’s recent gains was a blog post by a cryptocurrency expert touting the benefits of Bitcoin and blockchain technology, as well as a statement by an Islamic scholar which proclaimed Bitcoin and other cryptocurrencies in accordance with Islamic law.
Investors seemed to pounce on these two pieces of news as they saw the potential of opening the doors to the Muslim world along with the future possibilities of cryptocurrency and blockchain technology through the eyes of a cryptocurrency expert.
Bitcoin analysts and experts are also riding the current bandwagon and believe that Bitcoin along with the other popular cryptocurrencies will rise to their former glories by the end of this year.
Olga Feldmeier, CEO of Smart Valor, has stated that she believes that Bitcoin would rise even further until it reached the same levels it did in December of 2017. At that time Bitcoin peaked out at slightly over $20,000.
Maybe Bitcoin Is Not Such A Bad Investment At These Prices After All
This year has been very hard on Bitcoin and other major cryptocurrencies. In fact, Bitcoin plummeted to a low of $1,200 during this year, which must have been very painful for any trader or investor who bought in at $20,000.
Still, the recent numbers don’t lie and the fact that cryptocurrencies are now open to 1.8 billion Muslims around the globe, gives digital currency a strong foundation on which to stand on.
As more and more financial experts agree to the fact that blockchain technology is the way of the future and will be the preferred choice of future transactions among major businesses around the world, investor confidence will only increase and along with it digital currency prices.
In conclusion, $9,000 may seem a hefty price but not for a digital asset that has seen a $20,000 price tag in the recent past and which has the potential to go beyond that as more investors flock to cryptocurrency markets and businesses get more used to the idea of using blockchain technology to sell their goods and services.