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.