Bitcoin price jumped on Wednesday, reaching 3,700 USD. The cryptocurrency rose by 5.96% during the day and overtakes the burden of 3,200 USD, where settled for a few days.
The Bitcoin price in the late part of Wednesday is seen trading up with gains of 2%. The Bitcoin is cooling after a decent initial rally. It had printed session highs up to just touch the 4000 USD territory, highest since December 5th. After a chunky surge to the upside, the price was subject to touted profit-taking. This following the run into resistance at the psychological 4000 USD mark. The markets continue to speculate as to whether the bottom earlier this month, is the start of a solid recovery.
Other cryptocurrencies followed the jump and there are signs of growth everywhere. Green territory spread to almost all tokens, the market rally seems to be happening. The Ripple grew by 8.14% at the time of writing, and Ethereum also grew 8.35% within the day.
Santa rally appears to be very much in full force across the market. The market has corrected higher adding a whopping 12 billion USD in the last 24 hours.
Is there any difference between the Bitcoin and tulips?
Michael Novogratz confirmed his faith in the cost of Bitcoin and did not foresee any further downturns.
In an interview, the investment tycoon said that was “quite convinced” that the “digital stock of value” would appear in the form of Bitcoin. For the “foreseeable future”, according to Michael Novogratz, the Bitcoin price has to be between 3,000 USD and 6,000 USD after falling by about 50% in the last month.
“We had a balloon, it burst, we made a monstrous correction”, said Michael Novogratz. Many people say, that Bitcoin is tulips, but that’s not the same, according to the investor. It’s a mania built on something that’s real.
The price has rallied in the first half of this week, rising to about 14% to 3,700 USD.
At its lowest point, the previous week Bitcoin fell below 3,130 USD.
Quoine forecast bright future for Bitcoin
Despite the difficult circumstances of the crypto market, there are some people who believe that things will turn – at a given stage. Among them is Mike Kayamori, Chief Executive Officer of Quoine, a Japan-based crypto exchange platform.
In an interview, Mike Kayamori said that by the end of 2019, the Bitcoin will reach new peak values. While 2019 still has the potential to be a great year for the cryptocurrency, 2018 has been a very poor year for this market.
Mike Kayamori attributes the current state of the market to the lack of new developments by saying that “there is nothing new, no catalyst” to drive the market forward. However, he predicts that things will start coming next year, especially in Japan, where stock markets are adapting to the new rules, and cryptocurrency is preparing for the entry of industrial players.
Japan is taking steps to increase encryption while changing regulations to protect investors. Earlier this month, the local Japanese Information Center reported that the Japanese Financial Services Agency (JFSA) intends to regulate the primary supply of coins.
In the interview, Mike Kayamori added that Bitcoin was doing worse than many expected. It was previously believed that the 4,000 USD level would serve as the bottom of the currency.