Everyone on the Bitcoin train... because holding is starting to pay off as BTC shoots up to a sustained rally, hitting $13,900 at its peak on June 26th. Forget the crypto winter - if this trend continues, investors long on bitcoin are going to enjoy a sweet crypto spring.
When did this happen?? For those of you out of the loop, the latest surge started on June 21st, as a continuing recovery broke the $10,000 mark - and shot straight up, touching $11,000 by noon the next day. $11,000 was tested as resistance twice, before a breakthrough on Tuesday turned it into support. Since then, the price has grown past $12,000, and the trendline shows a parabolic curve.
What caused the jump? Of course, theories abound, but a good look is improving bitcoin fundamentals, as well as a good dose of FOMO (or fear-of-missing-out). While some have pointed to comparisons with 2017, it’s really the upcoming halvening being priced into the cryptocurrency, as well as good growth numbers on all the important fundamental indicators - for example, May’s peak of 389,000 daily confirmed transactions is almost at the December 2017 all-time high of 399,000, and a 39.4% increase since the start of the year.
What about everything else? For now, Bitcoin is the leading crypto by return, having gained 186% year-to-date (249% at its peak). Ripple and Ethereum have also grown, though not as spectacularly.
What We Think: It’s a darn good time to be a HODLer. With some experts predicting values north of $50,000, Bitcoin looks like a rosy bet for the near and medium-term future. Of course, the latest surge can’t be mentioned without also talking about Facebook’s new cryptocurrency Libra, which had its whitepaper revealed last week. Libra is definitely putting a fire under holders of ‘traditional’ cryptos like Bitcoin and signals wider institutional acceptance of the crypto industry as a whole. So enjoy the current spike in confidence - and watch those numbers go up!
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