Bitcoin, and the cryptocurrency sector as a whole, has had a very good 24 hours, as rises hold overnight.
After two weeks of misery in the cryptocurrency market, process started nudging back upwards on Wednesday morning – and they’ve kept on going.
At the start of yesterday, Bitcoin seemed to steady back above the $4000 mark after it fell through that particular trapdoor for the first time in two years over the weekend. Since then, it’s struggled to claw back ground. But now, pretty much the entire cryptocurrency board has gone green, with the exception if Bitcoin Cash Satoshi’s Vision (the currency that ironically had bucked the downward trend all week).
For Bitcoin, it feels like some time since it’s had such positive news to report. The price shot up 15% yesterday in the end, with the price of Bitcoin at one point heading back above $4300. It’s fingers crossed that the position will hold, because its position has steadied overnight, between the $4200 and $4300 mark.
It’s not just Bitcoin that’s enjoyed the upwards turn. Ethereum is up 16%, Monero is up by 18% and Ripple has spiked by nearly 14% in the best 24 hours of price rises for cryptocurrencies in months.
Caution is still being advised, though, with many wary that bears aren’t done with the market yet. That the bottom hasn’t been found, and what we’re seeing toward is a brief bounce rather than the start of a full recovery for the sector.
Time will obviously tell on that, but with the cryptocurrency civil war that’s engulfed the market seemingly all but at an end for the time being, perhaps the stability that had soaked into the market across the autumn can return. The next week or two may just be pivotal there…