Bitcoin makes a break but is still hanging on for life. The cryptocurrency has been the victim of a 13 month long and continuing bear market. Over that span, Bitcoin had 6 straight months of losses in the market value.[caption id="attachment_252" align="alignleft" width="267"] Crypto coin chart with upward rising arrow for increasing profits and coin prices. Bitcoin, ripple, stellar, ethereum, litecoin.[/caption]
A few weeks ago, when ‘Is this the End of Bitcoin?’ was released, the price of Bitcoin was at 25.26 according to Coin Desk’s Bitcoin Price Index. The currency was showing signs of continuing its path of losing value. Bitcoin’s price hit a low of 60.53 on February 7th.
Then came February 23rd. Bitcoin made a bull run break out and cruised past the 00.00 mark. This is the first time since December 2018 that the currency was above 00.00 in market value. Other cryptocurrencies were seeing a bump too. Ethereum rose about 10% when Bitcoin was making its run on Saturday.
Ethereum coin crypto trading chart for buying and selling ETH.
The bull run didn’t last long as Sunday the price fell to 08.50. There are a few things still pulling for the currency as Tesla’s Elon Musk is still praising the currency calling it “brilliant” as well as the SEC is considering two new ETFs.
As for now, the price is remaining at a spot where the miners are still hanging in. Only time will tell what’s in store for Bitcoin’s uncertain future.
Article Posted: 07/31/2021 12:54:27 PM