Bitcoin – the world’s biggest and most popular cryptocurrency by market cap – is shooting back up. At the time of writing, the asset is trading for just over $57,000. This is a huge improvement over the $54,000 it was at a few days ago and the $49,000 per unit it was stuck at early last week.
Bitcoin May Grow Again Soon
For the most part, it was believed that bitcoin would likely continue its bullish patterns into the month of May, though thus far, this period is proving to be far more volatile than analysts thought. Nate Cox – chief investment officer of digital assets at Two Prime – explained in a recent interview:
Bitcoin did not move the way many derivative traders expected this month.
Steve Ehrlich – chief executive of Voyager Digital – echoed this sentiment but commented that this could potentially lead into something bigger. He says that a drop of this sort in the past has usually led to heavily bullish behavior, suggesting that bitcoin could be on a route to reach new all-time highs over the summer.
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