After a sluggish fortnight of underperforming, Bitcoin suddenly leapt 14% in value last Thursday, sending it’s coin price from less than $7,000 to back above the $8,000 mark. It was just one of several outstanding displays of resilience and power from what has been an unfairly maligned crypto field of late.
Fans of cryptocurrency – whether they be founders, programmers, developers, investors, or the poor saps who write about the industry – will all admit that 2017 was something of an amazing anomaly, an unexpected fork in the blockchain, and that such incredible surges in value are unlikely to occur again on such a spectacular level anytime soon. That said, for two days late last week, it felt as if something 2017-esque was about to happen – and maybe it is!
Bitcoin’s Biggest Ever One-Hour Value Surge
For those crypto-watchers looking for an indication that the price surges witnessed across the board for most of 2017 are on their way back, last Thursday’s (April 12) Bitcoin performance – plus encouraging displays from several Altcoins the following day – will have had them hyperventilating with excitement and anticipation.
In less than one hour, Bitcoin’s value soared from $6,939 to $8,055 – a coin-valuation increase of 14%. While the last time Bitcoin was valued at $8,000+ was only March, that 14% increase in a matter of minutes was the most dramatic surge in price in months. In fact Bitcoin’s 14% price increase in less than one hour represents the company’s biggest ever price rise within such a short space of time.
Bitcoin Cash’s February Value Surge
This latest BTC price-rise is very encouraging, but hardly unique. Blockchain fork spinoffs Bitcoin Cash experienced a similar surge in February bodes well for cryptocurrency enjoying a strong second-half of 2018 – as predicted by various experts. Back in early February, crypto market watchers reported on a 20% rise in value on Bitcoin Cash in an hour, sending its value per-coin from less than $1000 to $1,245.
While it value has dipped since then, Bitcoin Cash has maintained its price at a respectful $750, and long term is still seen by many as the eventual successor to Bitcoin. Bitcoin and Bitcoin Cash are not the only cryptocurrencies that have shown healthy patterns of moving in the right direction of late.
Ethereum Jumps 19.37% To $500
The long-time no.2 crypto in the cyber currency rankings Ethereum saw its per-coin value jump to $500 on what was far from an unlucky Friday 13th for Vitalik Buterin’s Altcoin. That was a jump of 19.37%, the biggest number on a day when multiple cryptos saw encouraging spikes in their value. For example, the no.3 ranked Ripple – a currency designed and developed more for its practicality and usefulness in the finance industries than its investment potential – saw its coin-value increase to $0.50, while its banking rival Litecoin saw its value shoot to $131.
Ethereum started the year at an all-time high value of $1,300 per-coin, but that price has steadily eroded week upon week. So it was encouraging for both its owner and investors to see its price finally rally. Despite what has been the worst first quarter in its brief history with more than half its value gone within three months, such were the colossal gains Ethereum made in 2017 (it basically increased in value by 3,000%) that it can take a substantial hit yet still be the second most in-demand cryptocurrency behind only Bitcoin, with a market cap of $52 billion, double that of the much-vaunted Ripple in third spot.
Litecoin Enjoys An 8.4% Jump
While nowhere near as spectacular as the sudden surges enjoyed by Bitcoin on Thursday and Ethereum on Friday 13th, Litecoin’s 8.4% increase in value was enough to see its per-coin price climb to $131.07, and its overall company market cap go to $7.348 billion. However, that only tells half the tale.
The Thursday before had seen Litecoin enjoy a price rise of 9.83%. Those back-to-back positive days saw Litecoin’s value rise from the mid-$120s to the plus-$130s, where it seems to have stabilized. Its current price is just three dollars below its all-time best daily finish of $134.01.
This all bodes extremely well for a second quarter of slow if unspectacular value increase across the crypto market, followed by periods of consolidation, which in turn will be followed by – if expert predictions are correct – a second half to 2018, that while not as spectacular as 2017, will still be extremely impressive, but this time with realistic value increases that will stand the test of time.