On Monday, 23 April, Bitcoin finally breached $9,000 and that is boldfacing advocates of the largest cryptocurrency.
This month, Bitcoin has mustered about 30%, putting it on pace for its best April ever since 2013 and that is softening the blow from the more than 50% first-quarter loss that followed 2017’s 1,400 percent profit.
John Spallanzani, a portfolio manager at Miller Value Partners in Baltimore said “the Cryptocurrency space is still in its infancy, the weak will be exposed and the strong will prosper.”
Traders Cited Reasons for Flourishing Digital Currencies
Many traders have quoted a lot of reasons for the recent two-week rally ranging from an end of selling by investors wanting to increase cash for taxes to optimism that U.S regulators will have to work tirelessly to shape guidelines that will allow all these digital currencies to prosper.
In mid-February this year, Bitcoin surged about 8.7% after surpassing $9,000 for the first time since February 2, the day that financial markets all over the world slumped amongst concern over increasing interest rates and a return in volatility.
The Cryptocurrency had clocked $9,306, a comeback from $5,922 that had emboldened long-term advocates.
Darren Franceschini, Chief Executive with Blockchain Technology said “the climb back to $9,000 range was inevitable. It seems people in this industry don’t watch what happens in crypto every few months and every year since 2015. Now we are waiting for Bitcoin’s next all-time high.”
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