Bitcoin Set to Recover From January Slump
Bitcoin prices are finally taking an upward turn as it appreciated by 5.63% on Wednesday, February 7th, 2018. Additionally, other cryptocurrencies also saw up to 25% increases in their values this week.
However, despite this new found hope, previous losses during the month of January 2018 are yet to be recouped. Bitcoin prices are still lagging behind by 4.4% as of last week and close to 43% in January.
These recent days are however quite different as things are gradually looking up for Bitcoin and cryptocurrencies in general.
There have been suggestions in some quarters that the Bitcoin craze will come to an end sooner rather than later. The consistent downward spiral of Bitcoin after it peaked over $20,000 in December 2017 led to reciprocal falls in other cryptocurrencies as well.
Even though prices are yet to regain their previous levels, the market has definitely taken a positive turn this week.
Further concerns were raised this week as stock markets in the US and other countries globally saw significant price declines. Most of the insecurity was geared towards Bitcoin but thankfully things are getting back in place amidst fear of a possible crash.
But at the moment, Bitcoin seems to be to recovering a little and the last few days have witnessed a greater performance for the currency after the market had initially appeared to be headed downhill.
Bitcoin has survived a horrifying January performance, bringing much relief to those who had invested when the crypto was at its peak in December. With the way things are going, the recent rise of the cryptocurrency may signify that all hope is not lost after all.
