Bitcoin has been bleeding price for about three months now, and many people were beginning to worry if it would ever recover (which undoubtedly caused a bigger selloff than was necessary). Over the past several days, however, Bitcoin has shot back up over $8000, and at least for now, is holding those gains.
While it is nearly impossible to predict what will happen in the crypto-industry, this is certainly a good sign. To make it even better, the vast majority of other cryptocurrencies also had increases in price over the past several days, making this more of a full crypto-turnaround rather than just investments into Bitcoin itself.
As of this writing, Bitcoin controls 42% of the cryptocurrency market, which is down somewhat. Depending on your investment preferences, this may be a very good thing as it shows the strength of the alt-coin market as well.
The fact that this sharp increase is happening without any major news to trigger it is quite interesting. Many people believe that this is a sign that lots of people had their money sitting on the sidelines, and were waiting for the market to find its ‘floor’ so they could buy in.
Whether we have hit the floor and will continue coming up, or the market will dip back down remains to be seen, but for now at least, Bitcoin specifically, the entire crypto market in general, are enjoying a very long overdue bull run.
