Following a very shaky couple of weeks, Bitcoin has regained some ground and is currently sitting around $11,000. A recent blog that I published found here discussed the fact that my belief was that Bitcoin’s “bottom” was around $10,000 and that that’s the level it would be at if there are no positive or negative news surrounding the crypto-currency markets.
Well its safe to say that Bitcoin has had some sort of recovery now and is showing signs of a bullish uptrend. At the same time the market cap has risen back up from around 280 billion to 500 billion, which is always a healthy indicator.
What does this mean for the rest of the market?
Well, the top 10 coins are still sitting strong and have not moved much in terms of ranking. However, we can see Ethereum edging back towards $1,000 as well as Litecoin going above $200 per coin.
As Bitcoin re-asserts its dominance in the crypto market, other rival currencies will pick up volume and price, as long as the up-trend continues.
At the same time, there is great potential for rival coins to challenge Bitcoin as the technology and determination is there, but this doesn’t look likely to happen soon as the market is still in a fragile stage in comparison to the numbers seen early December 2017 and the start of January 2018.
So what’s next for bitcoin?
No one can really say. The up-trends are promising, but do not rule out the possibility of seeing a repeated pattern as seen a few weeks ago. Looking at the bigger picture and future developments, we can definitely say that Bitcoin has been through many battles so far and is still looking like it has very strong investment potential.
Creator and founder of Our Economy.
International Political Economy student at City, University of London.