On April 12, Bitcoin price rose by more than $ 1000 within 30 minutes. Currently, Bitcoin, as well as other cryptocurrencies, are trading up by at least 12%.
Recently, it was also announced that Bitcoin is compliant with Shariah Law. Many of the users are attributing the sudden increase in Bitcoin prices to this particular news. It is not sure how much impact this news will have in the longer-term. Currently, Bitcoin is trading around $ 7800. Many traders are also thinking that this is actually a bear trap. The price of Bitcoin will fall equally sharply as well. Similarly, Ethereum, as well as other cryptocurrencies, also witnessed such a rise. Ethereum is trading above $ 400.
Owing to this sudden increase in the cryptocurrency prices, the total market capitalization of cryptocurrencies is also close to $ 300 billion. This is the 1st time in this month that the total market capitalization is more than $ 300 billion.
Also, most of the other altcoins are also trading up at least 12% to 13%. Many of the investors are actually welcoming this swift upmove. Most of the cryptocurrencies were consistently falling since the last few months. That is why any sudden increase in that too in such a significant quantum is welcomed by the investors. Many investors hope that this swift up move is actually a change in the bearish trend in most of the cryptocurrencies. That is why they are hopeful that cryptocurrencies will rise more in the future as well.
At the same point in time, many investors are still cautious as to whether the prices of cryptocurrencies will retrace or whether this is a permanent gain which has witnessed by the market. It remains to be seen whether investors are able to actually gain from this upmove or not.
In many cases, it seems like the move is here to stay. Since it is across the cryptocurrency spectrum, investors are hoping that the value is not lost.
So this upmove has helped the cryptocurrency space again garner the attention of the traders. Recently, due to the steep falls, most of the traders were moving away from cryptocurrencies. This swift upmove will restore some of the confidence of the cryptocurrency traders back into the industry. It remains to be seen whether there is any difference in the business of the cryptocurrency exchanges due to the swift up move or whether the retail investors once again stay away from the cryptocurrencies thinking that it is nothing more than a temporary move.