The cryptocurrency market has taken a huge bounce since Friday in a 24-hour surge across the board with Litecoin being a real mover – up 30 percent, adding more than half a billion dollars to its valuation.
With crypto’s hallmark icon, Bitcoin, also up 8 percent over the same period, analysts are suggesting this may be the long-awaited bull run many pundits and exchanges have been expecting.
Transaction volume is on the rise, so to some, this is payback. Bitcoin’s transaction volume is on its way to new levels, now touching rates unseen since the period following Bitcoin’s all-time high price at the end of 2017. One bitcoin analyst has his own reading of the current situation; Bitcoin key security firm Casa’s Jameson Lopp suggested:
“A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect.”
This effect may now be creating a momentum after a lengthy period of cryptocurrency price stagnation. Another crypto analyst Luke Martin had suggested that any breakout above the USD 3,480 resistance level could allow the asset to recover beyond key resistance levels, “crossing above previous support at USD 3,430 or breakout of USD 3,480 would be exciting + probably lead to bigger jumps on alternative cryptocurrencies.”
Now that the “bigger jump” has turned into a reality, what’s left of the remaining Bitcoin speculations around? As Bitcoin News revealed yesterday, there have been positive vibes coming from the SEC recently over the much-discussed ETFs which are hailed as one of the main potential drivers for the Bitcoin market looking ahead. SEC Commissioner Robert J Jackson Jr, whose comments to the Congressional Quarterly (CQ) were due to be published on 11 February 2019, but have since been leaked and have given rise to further optimism. He suggested:
“A fund based on Bitcoin will eventually pass muster at the Securities and Exchange Commission despite that agency’s actions to deny all previous efforts.”
It now remains to be seen if this is the beginning of something significant and if the market can hold these gains in the light of general optimism.
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