Last year, Bitcoin experienced a significant drop in price and at the time, many analysts thought that the cryptocurrency was going to drop further. Things seem to be changing now, with the cryptocurrency currently reflecting bullish action after recently crossing the $8,000 mark. Other digital currencies, such as Ripple and Ethereum, seem to be following in the same direction.
The recent events involving the US and Iran have left many people on edge across the world, with many concerned that the current tensions between the two countries could trigger the start of World War III. Interestingly, in the US, the stock market is exceptionally volatile with investor fears that a war between the two powers could cause chaos.
While tensions are growing, it seems that the crypto market is taking advantage of the situation between Iran and the US. As a result, Bitcoin has jumped to trade at over $8,000, a clear indication of the bullish sentiment in the market.
The main reason for the success of Bitcoin is that this crypto has presented itself to global investors as a safe haven asset, especially during these volatile times. The main reason for this is because it is a decentralized coin, and it works without any censorship from a government of any kind. As a result, the coin is able to do well, irrespective of what is going on outside as long as the conditions within the market itself happen to be favorable. Currently, the cryptocurrency market has reacted in tandem, and Bitcoin is leading the way. To top it off, there are good chances that the bullish trend is going to continue.
Bitcoin – Market Updates
At first, people were worried after Bitcoin fell below the $7,000 territory right at the start of 2020. However, since last week on Friday, the coin has been experiencing an upward trend, where it stayed between the $7,000 – $8,000 mark. On Monday this week, the Bitcoin bullish momentum offered investors more confidence that it would hit the $8,000 and move higher. Just as predicted, the BTC coin is currently trading 2.58% higherthan its opening of $8,159 on Wednesday and is now trading at $8,363.Interestingly, on Wednesday, the Bitcoin price did not manage to pass the $8,500 level but it did reach an intraday high at $8,464. The big question is will Bitcoin now reach a higher breakout in the near term?
Ripple – Market Updates
Ripple is another coin that is doing well this week. It has grown by 0.45%, which is an impressive move which started on Monday this week. The coin is now trading at $0.2146. and it has not yet broken through its resistance level of $0.23. Despite the reversal that then occurred, Ripple has maintained strong support above the $0.21 level.
Ethereum – Market Updates
Ethereum has not been left behind and it is very clear that the cryptocurrency market is getting stronger in this first week of January 2020. As Bitcoin is gaining strength, Ethereum has followed with an upward move to $147.96 on Tuesday. Ethereum is now hovering around the $145 mark after correcting its 1.63 percent increase during the day. If the coin is going to get stronger and make it to $200, then it has to maintain its price above $150.