BITCOIN PRICE SURGES 10% DESPITE DIRE PREDICTIONS ABOUT FUTURE

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The plummeting price of bitcoin has seen a brief respite over
the last 48 hours, with the cryptocurrency rising in value by
more than 10 per cent.
The market turnaround comes after nearly a year of declining
prices that has seen bitcoin fall from close to $20,000
(£16,000) in December 2017, to today’s price of $3,500.
Other major cryptocurrencies have experienced similar price
rallies, including ripple, ethereum and stellar, but by far the
biggest gains have been seen by EOS.
The world’s fourth most valuable cryptocurrency has risen in
price by almost 50 per cent over the last couple of days,
according to CoinMarketCap.
The price gains come as some cryptocurrency analysts were
forecasting even more falls in the market. On Monday, one
former advocate predicted bitcoin will become worthless in
2019.

Despite such dire predictions, one analyst said the recent
rally shows there is still some life in the market.
“The rise in cryptoasset value in the last 24 hours has many
questioning if the market is experiencing a Santa Rally. The
truth is crypto as a concept is still relatively new and we
don’t have enough data yet to show if this is a typical
December trend,” Mati Greenspan, a senior market analyst at
online trading platform eToro, said in a statement to The
Independent .

“What we do know is that the price increase is a strong push
off the floor for the market. This type of movement is
encouraging and may just end up creating a bottom for this
battered market and possibly even a bullish trend into 2019.”

Such a positive spin on this relatively minor market
movement is not shared by everyone within the
cryptocurrency industry, however, with some saying
investors should look towards 2019 rather than hope for any
kind of Christmas miracle.

“With the festive break rapidly approaching, those looking for
any crumb of comfort from the crypto market or indeed
broader macroeconomic news should probably just surrender
to over eating, family arguments and endless re-runs early,”
said David Thomas, director and co-founder of Mayfair-based
cryptocurrency exchange GlobalBlock.

“Along with the ongoing Brexit saga and Donald J Trump
show, crypto markets continue to leach value with overall
market cap across cryptos now threatening to break down
through the $100bn level... Perhaps the only crumb of
comfort to take from the whole situation is that a recent
study has shown that ID verified crypto users have doubled
in the first three quarters of 2018 from 18 to 35 million users,
perhaps suggesting that despite the adjustment in price,
adoption is slowly picking up.”

https://www.independent.co.uk/