Well, if one thing is for certain it’s that Cryptocurrencies never have a dull day, Bitcoin is one of the digital currencies that seem to epitomize the expression ‘ahead of the curve’. As we report, yet again, that Bitcoin has had another good day in a seeming full run of positive innings; it almost seems as if the dreaded downward spiral is well and truly done for.
Bitcoin’s Levels As Of Today
This afternoon after a days’ worth of trading Bitcoin clocked in at $8 300 after only managing to scrape together a total of $8 200 yesterday afternoon. You might think that $100 is inconsequential; however, it is a movement within a more positive direction and does provide a glimmer of a more stable, growing currency that is becoming more of a reality slowly, but surely.
Earlier on the year Bitcoin began down the path of a major spike that many hoped was a sign of things to come, and more importantly, a message that last years massive declines are a thing of the past. A jump in the value of Bitcoin on Monday to a total of $8 500, as noted this past Monday occurred just after the proceedings of the Coindesk Consensus Conference had begun.
The Aftermath Of The Conference
However, after the conference wrapped up, the value of Bitcoin jumped again to an accumulated total of $8 800. But in the two days since the spike, the total value of Bitcoin has since dropped by an amount of $500. The sudden drop in price value sends the message that the hype floating around the conference may have been the cause behind the market increases and that inspired many investors to take a dip into Bitcoin. Yet, this flurry of excitement seems to have been short-lived.
Unfortunately, the massive surge in investment that Bitcoin experienced did not last past the timespan of the conference; there are some who are dismayed at the conference’s inability to propel the value of Bitcoin even more than it reached. After all, analysis showed that once the price of Bitcoin reached $8 400, it became apparent that the market began to show significant pushback. There are some who believe that Bitcoin has entered into a period of stagnation and that it will most likely not grow very much in the near future, possibly for a few months.
Some fear the high levels of scrutiny that Bitcoin is experiencing at the moment, one such person is Jani Ziedins from Cracked Markets. He stated that if Bitcoin did not manage to meet or breakthrough the $9 000 threshold that within the next couple of weeks we can expect it to begin to fall dramatically back down to the $6 000 level.
The last time Bitcoin was at the $6 000 mark was in March of this year, luckily for Bitcoin, it managed to incur a $1 200 spring in a day, and that has begun its journey back to the $8 000 mark. On other news relating to the analysis of Bitcoin, there are even some analysts who claim that the current way of analyzing Bitcoin is not suited for real trends.