The price of Bitcoin has increased by 5% in the last 24 hours. With this 5% gain, the cumulative market cap of cryptocurrencies has increased to $ 500 billion.
Bitcoin on the verge of a bull run:
The 5% rise in the price of Bitcoin was accompanied by strong volumes. The volumes in the last 24 hours have been around $ 20 million. This is an indicator that with the increasing volumes, the price of Bitcoin might increase all the way up to $ 13,000.
Moreover, in the large cryptocurrency markets like South Korea, the volumes are at the monthly high as well. In the last 24 hours, in South Korea, more than 80,000 Bitcoins have been traded. According to some of the media outlets in South Korea like HankyoReh, this is the 1st time that there is a rise in Bitcoin demand since mid-January.
Currently, many investors think that it is an opportunity to invest in Bitcoins. This is due to almost 50% fall in the price of Bitcoins. Ever since Bitcoin has started rising from the bottom, many of the investors are investing due to the fear of missing out.
In the past one month, even in the face of negative news, Bitcoin has shown a lot of resilience. According to another South Korean media organization, Chosun, owing to the resilience in the price of Bitcoin, more and more investors are pouring money into Bitcoin.
The price of Bitcoin, just a couple of months back was around $ 19,000. The current price is a far from those peaks.
According to some of the estimates, an average bear market for Bitcoin lasts for around 71 days. This fact was highlighted by the CEO of Pantera capital in the past. Since it has already passed the 50-day mark, most of the investors think that it is time to buy Bitcoin.
With the rise in the price of Bitcoin, Ethereum is also consistently rising. It has gained more than 2% in the last 24 hours. This is the reason why it is also finding a lot of takers. Moreover, many cryptocurrency ICOs are using Ethereum as a platform which is boosting Ethereum once again.
With bullish trend reversals pertaining to Bitcoin, it sure seems to have a positive future. With a large number of investors investing in it at the present levels, the momentum is surely on the side of Bitcoin. Many investors who had previously missed the rally in Bitcoin are returning to the cryptocurrency.