Well, well. Here’s a bit of good news just as the holiday season is starting to pick up steam. The world’s number one cryptocurrency - bitcoin - has suddenly surged to just under $7,600, incurring a seven percent gain over the past two days.
Bitcoin Is Picking Up Speed
Yesterday was Thanksgiving, meaning everyone was likely trying to avoid two topics at the dinner table: politics and crypto. Both tend to incur some very angry and/ or negative feelings in people, but this season, bitcoin seems to be on the very of a very welcomed turnaround.
This is the exact opposite of what was happening with bitcoin last year during this time, considering the price was trapped at a measly $3,500 throughout November and for the following five months. The currency wouldn’t begin to show recuperation until the month of April 2019. By that time, many enthusiasts had seemingly lost hope and were of the belief that bitcoin would be trapped in the darkness permanently, never to return.
After all, the currency had shed more than 70 percent off its price in just a matter of days.
This looked to be the case this time around. Bitcoin lost more than $2,500 within a matter of weeks, and while the situation wasn’t nearly as bad as the previous year, a trading position of roughly $7,000 or $7,100 was weak in comparison to the coin’s yearly high of roughly $13,600 in July. This means that over the course of four months, bitcoin would have ultimately lost nearly half its value by the time 2020 was ready to show its face.
However, now the currency seems to be embarking on a reverse path. While it’s still too early to tell, all we can really do is sit idly by and hope that perhaps the coin will find comfort and support at a higher level. Of course, anyone who sits around waiting with bated breath for bitcoin to make this decision isn’t fully aware of how crypto works.
Don’t Celebrate Just Yet
Bitcoin can rise just as quickly as it can drop, and we can’t forget that this little rise of more than $500 in just a matter of days could potentially be a fluke. This has happened before, where the currency ultimately incurs a small spike along the way only to come crashing back down all over again.
At the same time, there is always that possibility that the bulls have regained their strength and are pushing forward in the crypto community to see everyone’s favorite coin rise to the top again. Let’s face it: a world with bitcoin in it is far more exciting, and granted the currency can keep up its momentum, we’re likely to see crypto continue to garner the respect and attention it has always deserved.
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