May 23, 2024

BTC Breaks Out Over Two Months’ Low

Bitcoin has been in a pretty bad place over the past few months, so many had been looking forward to this great resurgence after the early woes of the opening months of 2018. So many people had been vying to be the one to accurately predict the breakout of Bitcoin but yet to no avail, and the detractors of Bitcoin have continued to grow. However, it seems that the original Cryptocurrency has gotten a bit of fire in its lungs as of late. Bitcoin or BTC, has managed to climb out over the $6 000 mark that has been its barrier for the past few months.

An Interesting Fact

Interestingly though, even though BTC has dropped down to it’s lowest trading value for the whole of 2018, the overall market share of BTC has steadily increased. Evidently, buyer’s faith in BTC is greater than the voice of the critics. Approximately, just a little over 12 hours after the price fell down to its 2018 low, it managed to spring back up right over the $6 000 mark.

Several analysts are stating that the reasons behind the surge in trading price are due to the ‘selloff saturation’ that has been in the limelight over the past few months. However, other thoughts are that this may in fact not be a cause for celebration and instead an illusionary force in the market, one too early and to good to possibly be true. Those within this camp fear that there may still be a chance of BTC having a greater and even more significant fall in market value within the next few days due to the excitement surrounding this quick price recovery.

BTC’s Performance Currently

BTC has climbed by more than 1% in the past few hours, floating in the region of $6 200; yet, one cannot deny that June has been more than a trying month for this Cryptocurrency in particular. In fact, there have been so many jagged falls that much of the previous months’ gains have been rendered null and void, basically. This struggle has been in no means unique to BTC, in fact, the Cryptocurrency market, in general, has been under serious strain over the past few months.

The Market In General

Big names such as Ethereum, Ripple, and Litecoin have all dropped way past the mark. To add to the bleak picture of the market, Dash has sank down by greater than 300% since the beginning of the year. In addition, there have also been significant hacks performed against Cryptocurrency exchanges, with Bithumb and Coinrail both being targeted this year.

Currently, BTC has a total of 42% of the total Cryptocurrency market share; this is quite phenomenal as BTC has struggled to break over a 40% market share for a quite a few months now. At present BTC is predicted to climb out towards achieving 50% ownership of total Cryptocurrency market share before the end of 2018. This feat was last held by BTC at the end of 2017, and one thing is for certain BTC would definitely like to hold that title again.

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