Bitcoin, the world’s most traded virtual currency, is seen building on its last two days of rebound from $ 9900 levels, as markets continue to hold the interest in the digital currency and look to buy the dips, despite the concerns over the Asian regulatory clampdown. As of writing, the spot jumps nearly 9% to $ 11,545, having hit the highest levels in three days at $ 11,723.
Despite the solid rebound, the spot still remains confined within the $ 3000 tight range, as markets believe the bulls are gathering pace for further upside. According to Omkar Goldbole, Crypto Analyst at CoinDesk, “persistent demand around the $10,000 mark appears to have not only neutralized the immediate bearish outlook on bitcoin but also hints the cryptocurrency could be building a base for an eventual move higher.”
The two-way price action witnessed in the last 24 hours is indicative of indecision in the marketplace and a decisive move (in either direction) would likely set the tone for the market. That said, the price chart analysis today puts the odds of a decisive move higher above 50 percent, Omkar added.
Meanwhile, the latest uptick in prices is seen after Florida-based firm Weiss Ratings released a ratings assessment of cryptocurrencies, assigning letter grades to them, yesterday. Bitcoin received a C+ grade and Ethereum, the second most valuable cryptocurrency, received a B. The firm noted that Bitcoin has excellent security and "widespread adoption."
Elsewhere, Dan Ciotoli from Bespoke Investment Group told CNBC a day before that Bitcoin is likely to reach $20,000 and $30,000 by the end of 2018 for the cryptocurrency, adding that, “The driver that I think is going to bring bitcoin up in 2018 is bitcoin-denominated commerce.”
All of the most-traded cryptocurrencies advanced further, with Ethereum up 11.43% at $ 1090, Ripple rises 2% while Bitcoin cash rallies 5.50%, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap has risen to $ 568 billion, with Bitcoin’s market cap heading back towards the $ 200 billion figure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.