Crypto Winter has Officially Ended
Bitcoin has been having a good couple of weeks. The cryptocurrency managed to double its value in just 2 months. It was trading at $4,000 on March 14th, 2019. Bitcoin was previously broke $7,000 for the first time in roughly a year just 48 hours ago. Its spectacular rise during the past weeks has caused massive hype within the crypto community.
Many are currently speculating how far the current bull run last and how far Bitcoin will go. While a conservative estimate would be $10,000, where Bitcoin would face heavy resistance some claim it will retrace its all-time-high of $20,000 or go even higher.
Binance is still closed for deposits/withdrawals following the $40 M hack last week. Once the popular exchange returns to full activity, we will likely see big market movements. This could push the market forward or potentially collapse. The exchange will return to activity in the next upcoming days.
Many crypto influencers are pushing the hype forward. Notorious crypto-bull John McAfee recently tweeted his opinion:
"Stocks have only a market created face value. Cryptocurrencies have a face value + a functional value. The net functional value is now near zero - little use of a token's utility, but functional growth rate will soon reach exponential values. There will be an ecplosion soon."
Alt Season Soon?
While Bitcoin's meteoric rise has not yet spread to other cryptocurrencies. Ethereum is currently trading at $210. Bitcoin Cash is trading at $400 and Litecoin at $92. The value of altcoins has been deeply linked to the value of Bitcoin. We could see a dramatic rise in their value in the next week or two should the rally continue.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado