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Bitcoin Price Surge!

Bitcoin Price Surge!

December 20, 2018 6:38 am,

The world’s largest cryptocurrency was trading above $3800 on Wednesday, bringing its three-day rally to 22 percent. Bitcoin is finally rallying again. After weeks of pain for the BTC, it surged 10 percent to a high of $3929.10 according to data from CoinDesk. The performance brought three days to gain to more than 22 percent.

Other cryptocurrencies followed the same suit. XRP, world’s second largest cryptocurrency, jumped 16percent while either rallied 13 percent according to CoinDesk. Also, other cryptos have experienced even larger gains, with BCH rising by 64 percent since the weekend. STRAT has led the pack with 11.5 percent. The largest 24-hour loss has occurred around EOS, experiencing a 4.7 percent downwards correction following a robust breakdown. Overall, EOS has still gained 30% since Sunday, going from $1.93 to $2.51. Other notable losses include MANA depreciating 4.7 percent, IOTA at 3.1 percent and Basic Attention Token (BAT) at 2.8 percent.

Still, 2018 has been a horrible year for most cryptocurrency investors. BTC is down more than 80 percent from its all-time high almost one year ago. This year alone, it’s down 72 percent and has struggled to attract new buyers.

Potential Causes

Some possible causes to the rally could be related to Tether’s USD reserves as reported by Bloomberg. Other potential triggers could be a closing of short positions, sparking the bull-run, or the market could have reached the oft-predicted bottom.

Finding fresh buyers was hardly a problem last year. BTC first became a household name in 2017 as retail investors made speculative bets on cryptocurrencies, raising money through initial coin offerings. Regulators have stepped up their oversight of the industry this year, cracking down on fundraising projects that have failed to register with the SEC. Other crypto founders have been charged with outright frauds.

In December 2017, the price of BTC was approaching $20,000 after months of miraculous growth had pushed its price by more than 2000 percent since the start of the year. 2018 will go despondent in history as one of the most difficult periods of bearishness for the cryptocurrency markets. Though 2017 closed with a high record high at the price of Bitcoin and ushered in a new era of expansion in the altcoin markets, 2018 has been marked with a steady decrease followed by an unparalleled free fall in the price of nearly every cryptocurrency in the expanding markets. But 12 months later, the miracle has transformed into a bleak midwinter for BTC. A series of swift price crash in late December and early January, followed by months of steady decline, has left BTC trading at just $3450 – its lowest value since August 2017 in the last few months.