Cryptocurrencies Are Well into the Bull Market
why has the price of all cryptocurrencies increased? What seems to be the reason for this sudden price increase? One of the reasons that...
In recent days, the price of all cryptocurrencies has increased. The surge in crypto price is still ongoing. What seems to be the reason for this sudden price increase? Experts consider several reasons for this sudden bull market.
One of the reasons that have been proposed is that the price increase occurred after the controversy about how the crypto exchange Bitfinex can raise 1 billion U.S. dollars in 10 days. After this controversy became prevalent in the crypto community, the price of Bitcoin started breaking records by going past six, seven, and then eight thousand dollars.
Another reason that has been suggested is the Consensus summit currently taking place in New York. Similar trends have been observed with similar summits and conferences in the past. However, other events have happened concurrent to the price increase. For example, Microsoft launched new identity projects that are based on Blockchain technology. Whatever the reason may be, the cryptocurrencies really seem to be well into the bull market. Let’s go through some cryptocurrencies and see how they are doing.
Bitcoin is currently being traded around $8,000. However, that is not where the story ends. A study from TotalCrypto.io shows that Bitcoin price could increase by 500%.
Ethereum has had an increase of 14 percent. Amazingly, it has gone from 171 to 272 dollars. However, according to data from CoinMarketCap, it fell to $248.
Another popular cryptocurrency, Ripple, is also doing well. Ripple went from $0.30 to $0.47. It had an amazing increase of 40 percent.
As to what will happen to the crypto market, no one knows. However, experts are optimistic about this bull market and think that the price of Bitcoin could go as high as $10,000.