Bitcoin is currently trading in green at $6,445 while the altcoins like BAT and Dash are making solid gains. Other cryptos like IOTA and Bitcoin Cash are also seeing a positive price movement. Meanwhile, let’s see what does the predictions say for Bitcoin’s price by this year-end.
Bitcoin Making Slow Upward Movement
Bitcoin is making its upward trek after dropping down to below $6,250. At the time of writing, the leading cryptocurrency has been trading at $6,445 with 24-hours gains of 1.07 percent. With a market cap of about $111 billion, Bitcoin has been managing the daily trading volume of $4.28 billion. Meanwhile, the BTC dominance is recording 52.8 percent.
In recent times, Bitcoin has maintained stability as the volatility dropped severely. This came while the rising US interest rates strengthened the US dollar against a number of currencies.
According to the Forbes, bitcoin price prediction of this year is bullish at about $12,629 as per Hayes’ model that focuses on the supply side of the Bitcoin model. CEO of Gath3r Web Miner, Raghav Reggie Jerath shares bullish sentiments with,
“Historically, Bitcoin has always had positive price movements during the months of November and early December, so it is possible to see price settle around 7500 – 8500 range for the remainder for the year,”
While Wheatley model that focuses on the demand side of the Bitcoin market predicts a bearish scenario at around $816. Clement Thibault, Senior Analyst at global financial platform Investing.com says,
“For now, it seems like the selling pressure keeps on pushing the price down. As for a bottom, Bitcoin has maintained a hard floor at $6K for most of the year, which I would be surprised to see broken.”
However, the market model which is a combination of the above-mentioned two models predicts $8,573 approximately. $6k is a ”hard floor” for Bitcoin trader Abraham Merkin who says,
“The volatility we saw last year through the first quarter of 2018 is a thing of the past. Bitcoin will not hit $8,000 in 2018; and it might not reach $7,300 before Christmas given the current calm.”
However, altcoins are seeing a lot of green right now. Out of the top crypto, Ethereum (ETH) is yet again above $200 with about 4 percent gain while XRP is trading at $0.4631, up by 1.64 percent.
Bitcoin Cash (BCH) is registering a lot of greens at $553 with 3.79 percent gains. Monero (XMR) is rising by 4.21 percent at $110 and Dash is up by 6.76 percent at $166. With about 4 percent gains IOTA (MIOTA) is at $0.4967.
Basic Attention Token (BAT) first took a jump with Coinbase listing and is now extending its gains with 7.22 percent gains at $0.312.
Meanwhile, today’s highest losses are borne by Eternal Token (XET) with over 16 percent red.
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.