Bitcoin (BTC), the daddy of all cryptocurrencies, continued its march upwards on Sunday, breaking past the key $11,000 mark once more. The gain of 3.81% at the time of writing, sees Bitcoin (BTC) valued on the Bitfinex crypto exchange, at $11,065. Earlier yesterday (Saturday 22nd June), the cryptocurrency hit $11,200 but found strong resistance, resulting in a sharp decline down to $10,300.
The gains made today follow a series of gains, with just one losing day (Tuesday) over the last 13 days. The reasons why Bitcoin is rising have been well speculated upon. Undoubtedly the Libra effect is helping what was the already bullish momentum, gather even further steam. Mark Zuckerberg’s decision for Facebook (NASDAQ: FB) to enter the crypto sphere is seen as near enough the ultimate validation for the world of digital currencies. The sell-off seen on Saturday was to be expected. Importantly, there was some relative calm amongst the panic despite the steep gains encouraging some profit taking.
Crypto exchanges are reporting increased trading volumes with more intraday trading activity than in recent months. The buzz about Bitcoin and crypto, in general, appears to capture the imagination of the public once more and you can’t help but be reminded of the gold rush months of late 2017.
Crypto Trading Increase
The recent launch of the McAfee Magic Trading platform with its cryptocurrency trading bot highlights the rising interest in crypto trading for ‘everyday traders The bots appeal to those who were once forex traders. The forex market is worth over $3 trillion a day and online trading has soared in popularity. Whilst 2018 was a year of consolidation for the crypto world, the consolidation brought stability. This, in turn, coupled with the recent gains, is tempting the forex traders back into the cryptos sphere or in it for the first time. Crypto bots are luring those who previously wanted to know how to make a passive income as a forex trader. For now, prices are rising and profits are being made. We can expect more moves over to crypto trading, especially as platforms have evolved to make it easier.
Bitcoin Bull Run to Continue
There is nothing to suggest that the Bitcoin bull run will not continue. Trading volumes are higher and the FOMO (Fear of Missing Out) is driving people to the crypto exchanges in droves. Next stop $12,000. When? quite possibly before the week’s end. Although, another round of profit taking may not be far away.
