Bitcoin’s Price Nears $6,400 As Cryptocurrency Markets Keep GrowingJuly 16, 2018
News portals keep giving updates on how Bitcoin keeps decreasing in price, and the picture is painted gray for many investors. However, a recent report by CoinTelegraph looks to shed some hope for those having a value stored not only in Bitcoin but in other Cryptocurrencies as well.
The Current Build Up
The figures for Cryptocurrency trading and its perceived value are looking green, quite literally. Nine of the top 10 Crypto coins (judging by market capitalization) are showing positive growth (hence the green) in statistic websites such as CoinMarketCap.
Bitcoin, on the one hand, has finally surpassed the $6,300 milestone, marking a 1.5% increase in 24 hours. By the time of the press release, its price stood at $6,354.
The uptrend is greatly appreciated by investors after a $6,180 low last Friday.
The second Crypto giant, Ethereum, is standing at $448; that would be another increase after a week-long low of $424.
The Stellar token (XLM) is reported as the biggest growth among the rest, with an increase of 6.1%, placing it at $0.218. Additionally, it has been the sole currency with gains as the week progressed, around 3.3%.
The only major coin suffering a loss among the main coins seems to be EOS, trading at $7.4. While it did see a 6% increase in the last 24 hours, it hasn’t fully recovered from its 15.7% plunge of last week.
A Slow Growth, But A Steady One
The current recovery of Crypto coins doesn’t seem particularly impressive, with all numbers reported placing below 10% in growth. However, it’s worthwhile to consider that the charts and history show that, sometimes, it’s better to go slow. What’s important to point out is that the buildup has maintained itself in the last 24 hours. That is a significant achievement when taking into consideration the overall situation of the industry.
Additionally, graphs show a steady uptrend instead of a rollercoaster of price swings. That’s the surest sign of a tendency towards keeping said behavior. Another critical aspect of the current event is that it stays true for the overwhelming majority of major coins. 9 out of 10 are sticking to the same performance. This might be the first sign of the predicted growth given by experts at the end of last year when Bitcoin’s value was estimated to surpass $50,000.
While it is still too soon to tell, the symptoms are right there in the charts.
A Possible Cause For The Buildup
There is no effect without a cause, and this news seems to be no exception to the rule. The Chilean Court of Appeals has ruled favoring the reopening of Orionx, a Crypto exchange in the nation.
The order –made on July 12- has made amends with previous aggression by the Banco Estado. The bank (owned by the state) had previously closed the deposit account about the company. Nevertheless, the court stated that said decision was not only arbitrary but also illegal. Such a movement being initiated by a legal institution is a great step towards the widespread acceptance of Cryptocurrencies, and it’s nothing to ignore.