Bitcoin Price Bounces Back Above $4,000, CCTV Report the Surge
The price of bitcoin and the rest of the top 10 cryptocurrencies spend another day in the hilarious green as prices surge again. For the first time since this December 4th the bitcoin price is above $4,000 again.
The largest cryptocurrency Bitcoin has continued to lead the rebounce of the crypto market through the course of Wednesday, standing above $4,000 again with another surge of 8% over 24 hours and 20% within 5 days. The entire crypto market is going up with the market cap increased from 100 billion to 130 billion above in less than a week.
The current little bull run has offered a much-needed boost to the prolonged sluggish crypto market. “It has been the fifth day of gains and also the longest such streak since this September,” commented China’s state-owned television broadcaster CCTV2 as the bitcoin surge hit headlines.
According to data from F2Pool, some bitcoin miners forced to be shut down amid the crypto slump could be turned on now as bitcoin price goes up, including Antminer T9.
However, the question is whether the upward momentum can be sustained, or that the market will go through another drop again after it.
Some experts have predicted that the original cryptocurrency will sink further and could go to as low as $3,000 during Chinese New Year 2019, but will be trading in the $4,500 range next year. While frustrated investors can hardly buy what these experts say, but wondering this is the best time to buy or if they should wait for it to sink further.
The rollercoaster ride of bitcoin price has frustrated and scared off many investors. While it seems most investors have learned the lesson and been kind of immune to the fluctuation as the trading volume sees no obvious surge as the price goes up.
No one knows exactly when the bull will start. But the process helps filter out speculators, and those qualified investors may survive. As of press time, a bitcoin is priced at $4,076.