Bitcoin Records 7% Increase

[Jcabudx]

After dipping below $6,500, the price of bitcoin has increased 7 percent to $7,100, as the rest of the cryptocurrency market recovered over the past 24 hours.

Since March 30, the valuation of the cryptocurrency market rose from $250 billion to $268 billion, by around 8 percent.

Correlated Movements
On March 29, Cornell professor Emin Gun Sirer stated that a mature market should have assets that are performing independently from each other.

“Indeed, a mature market should be decentralized, with independent coin prices decoupled from each other, each moving in concert with the future prospects of the specific coin,” said Sirer.

For many weeks throughout February and March, the entire cryptocurrency market has demonstrated correlated movements, as the vast majority of both major and minor cryptocurrencies recorded similar gain and loss patterns with extreme volatility.

Today for instance, as the bitcoin price increased by 6 percent, Ethereum, Ripple and Litecoin all increased by the same 6 percent. With the exception of a handful of cryptocurrencies, which have been likely affected by pump and dumps, most of the cryptocurrencies in the global market have all moved in a similar pattern since the major correction occurred in February.

As such, given the extreme volatility in the market and its correlated price movements, it is evident that the market has not stabilized from its recent correction, and thus may need more time to recover from its losses.

The market demonstrated a necessary rebound from the $250 billion mark, and major cryptocurrencies like bitcoin have been able to sustain their resistance levels, even though volumes still remain relatively low across all cryptocurrency exchanges.

https://www.ccn.com/bitcoin-records-7-increase-as-cryptocurrency-market-rebounds-from-yesterdays-losses/

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[fuer44]

very attractive, but to achieve a stable price, it will be difficult. bitcoins and other cryptoes will continue to fluctuate.

[boy130]

And yet since then Bitcoin is back at $6,700. Small fluctuations between 5-10% are normal for cryptocurrency, and aren't in and of themselves an indicator of future trends. If the same happened in forex however, there would be a strong reaction to it, as a 7% improvement overnight is almost unheard of, whereas for crypto it's almost a daily occurrence. You probably should have checked the current price before posting this, as you could literally post this article every other day and it would probably be right.

[Kprawn]

Yes, it is always strange that the Alt coin prices are so closely linked to Bitcoin's performance. I think a lot of the Alt coin profit

is finding their way back into Bitcoin, because there is not much use for most of these Alt coins. Everyone is gunning for the

top spot, but they forget that Bitcoin is the coin with the most utility and the biggest merchant network.   We are happy

about a 6% increase in the price after a 10% drop in the price.  

[ebliever]

Yes, it is always strange that the Alt coin prices are so closely linked to Bitcoin's performance. I think a lot of the Alt coin profit

is finding their way back into Bitcoin, because there is not much use for most of these Alt coins. Everyone is gunning for the

top spot, but they forget that Bitcoin is the coin with the most utility and the biggest merchant network.   We are happy

about a 6% increase in the price after a 10% drop in the price.  

Why would it be strange?

1. Most alts are purchased using bitcoin and are priced in bitcoin on the exchanges. So if Bitcoin pops up 5%, unless people rush to sell any given altcoin those altcoins are also going to rise 5% by default.

2. When Bitcoin moves in reaction to major news (such as a country banning crypto or a new set of laws or tax changes affecting it), that news is often equally applicable to cryptocurrency in general. So we'd expect a similar reaction across the market.

My 2 satoshis...

[AlexAtom]

I see this on the market too. The price of bitcoin and cryptocurrency was increased yesterday.
I hope it is a good sign for cryptocurrency to rise back from the bloodbath.

[Agetan]

And yet since then Bitcoin is back at $6,700. Small fluctuations between 5-10% are normal for cryptocurrency, and aren't in and of themselves an indicator of future trends. If the same happened in forex however, there would be a strong reaction to it, as a 7% improvement overnight is almost unheard of, whereas for crypto it's almost a daily occurrence. You probably should have checked the current price before posting this, as you could literally post this article every other day and it would probably be right.

Now this price could be very strong support where the selling order break and can not go further.
Percentage is not important now, we need green market where slowly going uptrend and recover ATH price in last year.

[Agetan]

Despite a mostly upward trajectory, the market remains susceptible to unpredictable and sometimes extreme fluctuations in prices. While some of this volatility can be attributed to how the current cryptocurrency model was conceived—namely its deflationary nature—and the fact that most coins are still viewed mainly as investment and speculative assets, there have been external factors that drive price momentum as well.The increased spotlight on Bitcoin and its digital contemporaries led the original cryptocurrency to skyrocket in value. This meteoric rise results in widespread market participation, inviting retail investors in droves to the crypto industry. However, it also focused the gaze of governments and international actors on the industry, a factor that has and could still play a large role in this volatility. Due to their actions imposted on bitcoin as they will also leads the decision of their constituents like here in the Philippines that people are embracing cryptocurrency.

7% is not big moves for the bitcoin price but at least the market goimg to green area where everything will be safer.
However, after this long bearish market end, market will go very rapidly i think. Its not good too fast because it can be down very fast too.

[Haiduongbg]

What I see is the volume is so low during the retracement, so I guess the big boys dont want to sell anymore, so small volume can push the price so much, In my opinion the bull run is on the horizon.

[thaitea.deluxe]

bitcoin price on the market currently increased to $7k after falling to $6k in the past days.
many predict that in this april, bitcoin and cryptocurrency price will recover.

[Direwolve735]

bitcoin price on the market currently increased to $7k after falling to $6k in the past days.
many predict that in this april, bitcoin and cryptocurrency price will recover.

Yes, today the main crypto currency has managed to rise a little above 7000 dollars. In the crypto-currency market, the total capitalization has increased by more than $15 billion. This is due to the increased adoption of digital currencies in South Korea and Japan. One of the largest Japanese electronics companies Bic Camera has already started taking bitcoins. The largest budget airline and hotel chain Capsule also announced such plans. As for South Korea, the local e-commerce platform has already integrated 12 crypto-currencies. I think this shows the positive dynamics of the market development in the medium term.

[jpespa]

Everytime the bitcoin price goes up should always be a good news. I believe cryptocurrency will be hard to reach its stable state because of its high percentage of fluctuation everyday. But still many people are staying on bitcoin because I think it is still the best coin at all in terms of value and acceptance to the public

[joel123]

Things are starting to look up a bit and bitcoin seems like it will start seeing better days soon and I like others are glad for this development

[taylorsara]

Bitcoin price increased from last 24hrs. But it is not yet in stable situation. It will take a more time to be stable. Rather investing in bitcoin, doing some research and analysis would be a good idea. Though I believe bitcoin price will go up shortly.

[Dudeperfect]

The current price is $7K+ and as I said before, I am expecting recovery from this month for the rest of the year. I believe that Bitcoin will not only recover from the correction but also we will see a new all-time high level before Dec 2018. This correction brought many new investors in the market and it will help Bitcoin in the long run to strengthen the user base.