Struggling at low levels these past few months bitcoins was dismissed by many as an investment that has dulled out and no longer remains lucrative.
But with the recent bump in prices things seem to have been changed. There is a new excitement in the market with many investors pointing this to be the end of the era of the downshift and the upbringing of the season of the bulls to advance.
Not just Bitcoin but many other altcoins have appreciated in value as well, this is evident from the chart below. Total market capitalization has appreciated to 430 B$ from 250 B$ within a fortnight. A rise of over 70%.
Chart source: coinmarketcap.com
The below chart shows how Bitcoin has broken through from its low level of remaining below 7000 to now stabilizing above 9000. A rise of 30%. This is an important landmark that investors believe will now foretell the rise of bitcoin.
Chart source: bitcoin.com
Bitcoin has grown continuously over the past 6 years, at an average of 165% a year, never going below its 200 day moving average.The reaching of this new phase in Bitcoin calls for an oncoming Boom cycle, Bitcoin is sure to outgrow it’s previous heights and with this important landmark the seeds may just have been sown.
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