Bitcoin increased another $300 compared to yesterday’s slight drop to $8,000 from $8,100. The currency has improved another impressive hike and is now within the $8,300 range.
So far, predictions of some analysts regarding bitcoin’s behavior for the 2nd quarter of this year is coming true. Since April 11-13, the coin saw a huge improvement of roughly $1,200 and stayed strong ever since. They say that this is not just a fluke but will continue to rise in the coming weeks.
Since the mid-week point, the currency has enjoyed a near 16 percent spike. The disappointing drops which happened before was said to be caused by an oversell of the currency. However, Fundstrat’s Tom Lee is still confident that the sell-off period has reached its peak.
The cryptocurrency market has been growing by 20% this week alone and the market cap stands at over $325 billion of which $20 billion has been gained since April 9.
Because of US-based investors who influences other overseas sources, there has been added price boosts and overall jumps in the digital currency arena.