The past weekend has been a great one for the Bitcoin and altcoins as people got to see a lot of green in the cryptocurrency market. The signs of life have bloomed into the market that signals a bullish run. Earlier this month, BTC price was struggling to rise above $6,500 mark and now with it being just a touch shy away from closing on $9,000, all the hopes have been raised high.
Other digital currencies are positive as well such as ripple which is at $0.8757. Bitcoin Cash has taken a whopping surge and is now sitting at $1,422 while coins like Litecoin, Qtum and Bitcoin Gold among others are on the rise as well.
History on the repeat
When it comes to the bitcoin dominance, its value has been dropping lately. In March, last year, the bitcoin dominance began dropping heavily that corresponds to a steady rise in the overall market.
Talking about the history, at the end of 2016, there has been a steady growth until the beginning of 2017, when there was a correction in the market. Then the slope rose and growth happened up to the March 2017 after which another correction took place that began a bull run in the market in the beginning of April, right to the mid-December.
So, if history repeats itself, we have already begun to see the change in the market. However, with the current expanse of change, the bull run is likely to be way bigger than the last one.
Bull run has already gained momentum in 2018
We are already experiencing the taste of bull run in the market as Bitcoin reaches $8,929 while Ripple comes close to touching the $1 level. Bitcoin Cash is celebrating $1,413 while some altcoins take a surge of as big as 20 percent. Moreover, BTC price is firmly being above the trend line which was initially facing the resistance at $8,500 level.
Today, the total capitalization of the crypto market also reached $400 billion dollars while registering the gain of $100 billion in this month. Since March beginning, as the market recovered its value, this is the first time the crypto market saw such gains and market capitalization.
For the past two weeks, there has been a slow change going on that resulted in an increase in crypto value that means the downward trend has hit a pause and a reversal is taking place.
Data highlights high crypto buy YOY percentage for 2018
The data from TurtleBC represents a huge buy percentage in cryptocurrency market across various coins like Bitcoin, Ripple, Ethereum, and Dash etc. In December 2017, this high has been of 88 percent that has risen to more than 92 percent this time, which has happened the first time since March 2017.
Events are lined up, bull run is set
We are currently at a point where regulators around the world are also being more clear about cryptocurrencies whether it is to outright ban them or put KYC/AML measures to protect consumer interests. Overall, we are at a huge turning point where a number of factors are pumping the bull run right now!
Do you think a bull run is on its way? What will the BTC price by the end of 2018? Share your thoughts with us!
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.