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Whats Happening With Bitcoin?

Whats Happening With Bitcoin?

In the past 60 days, Bitcoin has almost doubled in price. Back in March it was sitting at around the £3000 mark, and now it’s sitting at around £6000.

When I say sitting, please do take it lightly, as the price of bitcoin is very volatile and ever changing.

Bitcoin price trajectory is often described as parabolic. During the height of the 2017 bull run, the price of the leading crypto by market cap went media-fueled parabolic tear that took the price of the asset to its all-time high of $20,000.

After that ascent was broken, an 85% decline followed, but as soon as the target was hit, Bitcoin was back off to the races, ready to restart a new bull run. The moment bearish sell pressure waned, Bitcoin again went parabolic, taking the price of the cryptocurrency from $4,200 to a recent high of nearly $8,400.

Price action suggests more upside movement is ahead, but how fast the crypto asset has risen from the depths of the bear market has left most investors in shock and disbelief. But the fast resumption of bullish momentum could suggest more is at play. Some suggest it’s because of “global turmoil”, and the interest rates in America, but no one really knows. It seems history is repeating itself, and many think that fiat currencies are becoming obsolete and bitcoin is taking over. I guess no one really knows, and only time will tell.

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