Bitcoin, Ethereum, Ripple, and Bitcoin Cash have all experienced a small but significant surge in value over the past 24 hours, which has filtered back throughout most of the other 1,600 cryptos. When the dust had cleared, the much-maligned combined crypto market had enjoyed an increase in market cap value of $12 billion.
Over the past 24 hours, the combined cryptocurrency market has seen a $12 billion increase in market cap value. This is the result of all the main cryptocurrencies enjoying a small yet significant surge in value, inspired no doubt by Bitcoin’s eye-catching rise from $6,300 to $6,700, reverting a negative trend which began in early May.
While it was hardly the biggest 24 hour market surgeon record, coming as it does during a particularly bleak time for the industry, it is a victory to be savored.
Bitcoin Turn Corner – For Now
Bitcoin is very much the flagship of the whole cryptocurrency industry, and whatever shape it’s in will filter back throughout the market. Like the world heavyweight champion in boxing, when the champ is doing well and knocking out opponents impressively, the whole sport of boxing thrives. Likewise, when Bitcoin surges in value, it affects the entire crypto market, and most coins also enjoy a similar surge in value.
The fact that Bitcoin’s price rebounded from $6,300 to $6,700, ending a slump that began on May 3 is particularly significant. It’s way too early to think that this slight turnaround of events signifies something much greater, but in the meantime, it gives Bitcoin and cryptocurrency a little breathing space.
The Experts Got It Wrong – Hopefully
Several Bitcoin experts had predicted that BTC would surely slip below the $6,000 valuation sooner rather than later. For example Phillip Nunn, CEO of The Blackmore Group and the Wealth Chain Group predicted that Bitcoin would hit a low of $6,000 and a high of $60,000 in 2018.
Speaking to BusinessCloud this week, Nunn was sticking to his guns, and as a kind of validation pointed out that Bitcoin was heading toward that $6,000 figure:
“Well, we’re certainly about to see the $6,000 aren’t we? That’s probably a few hours away. The prediction was based on, first of all, market volatility which we’re experiencing at the moment; I think that’s really apparent. I absolutely stand by my prediction.”
Surely the question everyone is now asking is: Now that Bitcoin looks more likely to hit $7,000 than slip back down to $6,000, ruining 50% of Phillip Nunn’s prediction, does that mean the end-of-year $60,000 valuation won’t happen?