Having taken a back seat for a while, bitcoin is again under the spotlight. The most popular cryptocurrency jumped by over 15% in a single trading day on April 15. Such price swings come as no surprise in the market of digital currencies. Indeed, the crypto market is known for extreme volatility, but the latest spike deserves special consideration.
After a spectacular success at the end of 2017, bitcoin went into a nosedive earlier this year. Indeed, in late December the price skyrocketed to $20,000 per token and a couple of months later slumped to $6,500. Therefore, experts consider the ongoing rally a beginning of a steady upward trend. Market participants took notice of numerous reports that Russian billionaires allegedly buy up bitcoin. It is hardly possible to verify this information. However, this rumor is one of the catalysts for growing demand. No wonder, bitcoin triggered the bullish sentiment on other cryptocurrencies. It is too early to judge whether the crypto mania is back in the market like in 2017. Even bitcoin bulls who are betting on a further rally make cautious remarks. They warn that cryptocurrency No 1 will face obstacles on the path to December’s highs of over $20,000 per coin.
In fact, experts find it difficult to foresee developments in traditional financial markets. However, the market of digital currencies defies any expectations. The only thing to do is monitor carefully all relevant news and events.
