Bitcoin has finally risen from the grave and other cryptocurrencies have experienced a price surge in the last two weeks destroying any kind of dispelling fears that the market is just a speculative bubble. Bitcoin’s value is growing steadily for the past two weeks with a steep jump on up to 11% to BTC: $ 8,079.12 (-0.71 %), according to cryptocompare.
According to CoinMarketcap.com, which tracks the industry growth, other cryptocurrencies such as Ripple, Ethereum, Bitcoin Cash etc also rose sharply, gaining more than 10 percent. Another cryptocurrency EOS rose more than 30%.
This recent stabilization of the crypto-currency market indicates the sign of market maturity. Some analysts say there are no obvious indications why the crypto-market is slowly gaining back value and leveling out. According to many sources, this stabilization is due to the prominent billionaire George Soros’s decision to start trading cryptocurrencies may have been having some impact.
— CryptoVisionary (@CryptoEye111) April 7, 2018
After Bitcoin rocketed to almost $20,000 in December 2017, its price has been falling since then, making everyone worry about a regulatory clampdown and concerns it is a speculative bubble that is now deflating. This outrage had made some traders frustrated. After their prices stabilized in recent days and rose earlier on Thursday, those shorts were squeezed out of their positions, forcing the price upwards.
Since cryptocurrencies are improving in recent days and prices were consolidating, the sentiment towards the virtual currencies have now been very satisfying, investors can now heave a sigh of relief.