Last week saw a sharp plunge in the Bitcoin price. However, the good news is that things seem to be looking brighter this week as its price picked up.
The cryptocurrency witnessed a spike as its price went up by 400 USD within just an hour. As the investors have started showing interest in Bitcoin once again, its advocates are hopeful of a surge in its price in the coming months.
Interestingly, the Bitcoin price has exhibited a positive upward trend that has pushed the virtual currency back into the crypto market with a bang. At about 9 AM on August 27, Bitcoin’s value was noted at 6728.31 USD and was up by about 1.27 percent.
Other prominent cryptocurrencies such as Ethereum, Litecoin, and Ripple have been also demonstrating a positive trend. For instance, Ethereum traded at 277.92 USD, an upward movement of 1.54 percent. The value of Ripple went up to 0.329328 USD post a growth of 1.86 percent. Even Litecoin’s price was reported as 57.58 USD, whereas its growth percentage is apparently at 1.59 percent.
Some detractors opine that though the coin’s latest trend may appear as a good sign for the digital currencies, there could be a possibility that the Bitcoin value will show a slight upward movement prior to a steep fall.
Experts Predict Good Times For Bitcoin
Mr. Tom Lee, a Bitcoin analyst at Fundstrat, has recently come up with an interesting prediction. The prediction was done by linking the emerging markets and the market. It has resulted in a viewpoint that Bitcoin could see an explosive climax when the current year ends.
The increase in Bitcoin price, which is being seen now, at a 2 week high, ZyCrypto reported. Although the prices of this digital currency appear to have got slightly relaxed now and seem to be settled post the rise, the current upward trend is being viewed by many people as a sort of recovery for the virtual currencies.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]