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25/05/2019
Technology

Bitcoin Breaks Through $6,000 as Bulls Take Control of Crypto Market

It seems now that bulls have taken control of the cryptocurrency market. The price of the Bitcoin has hit the past psychological mark of $6,000 on Wednesday which signals that the coin is ready to shed the inhibitions and soar further to new heights. This relief has come for the investors after a long hiatus of over one year which witnessed the slump in the value of Bitcoin like never before. Just so you know, Bitcoin reached to its all-time high of $19,500 during the Christmas week of 2017 and exactly one year after, i.e., December 2018, it was trading around $3,100. This unprecedented fall in the value sparked panic among investors and since then, the coin is struggling to make come back.

Optimism in Air

Recent developments, however, raised hopes that finally bear winter is over; not only for Bitcoin but for all the major cryptocurrencies with other major coins like Ethereum, Ripple, etc, registering an increase in their valuations too. That said, it is quite difficult to predict price movements in case of digital coins. For example, there are a number of negative news appearing in the crypto domain ranging from the possibility of the Chinese government might be putting a ban on the mining of the cryptocurrency to the hacking of around $40 million that happened from one of the cryptocurrency exchanges recently. Despite the prevalent worries, the overall cryptocurrency market scenario is heading in a positive direction with total market capitalization touching a considerably good value of $189 billion. The influence of Bitcoin has also increased as it now accounts for around 56.8% total market cap.

Gains in Valuations

At the press time, Bitcoin was trading at $6,097 which is its highest value since the month of November 2018. Crypto analysts and experts believe that there is a possibility of Bitcoin going further up in its valuation, but the intensity of increase is something that the market is keen to watch out for. The second largest cryptocurrency by market cap, Ethereum has also registered positive gains. The digital coin has climbed up 2 % over the last 24 hours and was trading at $173 when the last report came in. The impact of news coming from various quarters of the industry with the latest one relating to the adoption of Ethereum-based blockchain in Telecom has a very positive impact on the valuation of Ethereum. In fact, Ethereum today is the most credible name in blockchain solutions and poised to take advantage of opportunities arising out of more and more organizations embracing blockchain for enhancing their operational efficiency while reducing the cost and time associated with transactions. XRP, on the other hand, finds it difficult to register gains as its value keep on hovering around $0.3000.

The overall mood of the market is quite positive at the moment and indicates that all the rumors of major digital coins heading towards insolvency are not credible. Investors are staying put with their investment and showing confidence that is ultimately helping the crypto market to bounce back from the prolonged period of crypto winter.

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