The bullish run on Bitcoin gained ground earlier today, with the coin brushing over the $11,000 mark as hopes ran high among crypto enthusiasts for a positive bullish market going into the new month. In addition, the overall market capitalization of the market has remained fairly stable at the $450 billion mark, as a record $30 billion increase was set on February 27th.
Bitcoin’s Market Movements
Currently, the price of Bitcoin is moving sideways after a sudden drop in price that saw it lose about $700 in just 3 hours. If reports in the crypto sphere are anything to go by, the drop was caused by a major sale of cryptocurrencies on most exchanges. As the month comes to a close, Bitcoin’s performance remains impressive considering its February 6th drop that saw the coin hit an all-time low for 2018 of $6,000. For most onlookers, the ‘v’ shaped bullish rally is not a full recovery and the slight momentum gained seems have run out of steam.
On the other hand, market analysts predict that the overall market capitalization will move back and forth around the $450 billion mark as the new month commences. Furthermore, since early February, the daily trading volume of the market has averaged at $7.73 billion, dropping almost by half of January’s $13.42 average trading volume, according to CoinMarketCap. Although reports indicate that this drop could be an indicator of investors’ lack of confidence in the recent corrective rally’s sustainability, speculations remain high on the bullish rally of Bitcoin as a reversal of the descending trend.
What the Media Is Saying
There is no denying the influence of the media in the market volatility of Bitcoin and cryptocurrencies. For instance, late 2017 saw a surge in the coverage of Bitcoin by mainstream media, leading to a rise in interest and an overwhelming uptake from new investors. However, during the dip that came about early this year, many new investors and casual cryptocurrency enthusiasts made huge losses, leading to anti-Bitcoin analysts and financial experts predicting a bearish run all throughout 2018.
A good example of how mainstream media and influential personalities can alter market movements in the financial world is last week’s comment on Bitcoin by Bill Gates, mentioning the anonymity of the cryptocurrency as a drawback to its value. He further mentioned that Bitcoin is “only used for drugs” while being linked to deaths and illegal activities.
What do you think the future of Bitcoin and cryptocurrencies as a whole will be in 2018? Share your thoughts and opinions in the comments section.