Bumpy is probably a fitting way to describe Bitcoin’s start to 2018, as after a consecutive run of ATHs during 2017, it’s been faced with what is seemingly the price correction to end all price corrections. While it’s easy to become down on Bitcoin when it’s on the slide, as the past week has confirmed, this cryptocurrency is made of tough stuff. Halting the drop, the cryptocurrency market has started to show signs of recovery, with many leading cryptos – including Bitcoin – experiencing small gains during the first week of February. This would eventually go on to put each of the Top 50 coins – according to coinmarketcap.com – back into the green.
What triggered Bitcoin’s dip is actually a culmination of elements. From misleading reporting on regulations in India all the way through to substantial selloffs, it’s all had a role to play in Bitcoin’s fall in value. Thankfully, there does now appear to be some degree of stabilization on the horizon. Back on Feb 3, Bitcoin saw a bounce back to above $9,000, with the current price hovering around that at $9,294. Bitcoin’s somewhat steadying ship has also allowed other leading cryptos to benefit, with LTC, XRP, ETH, and XVG all having prices that appear to have stabilized after several rocky weeks.
“Long term, I’m very bullish for Litecoin and Bitcoin price-wise” – Charlie Lee, Litecoin Founder
It’s been great to see so many crypto luminaries come out in support of the crypto currency market, in spite of its recent shortcomings. Charlie Lee (Litecoin Founder) and Ran Neuner (CNBC Cryptotrader Host) both recently issued bullish statements about Bitcoin. Lee has appeared to be particularly level headed when it comes to Bitcoin’s prospects, speaking in an interview he said, “Long term, I’m very bullish for Litecoin and Bitcoin price-wise, but for short-term fluctuations it can move drastically in either direction and it’s hard to predict.”
Bitcoin hit massive highs of $20,000 back in December, only for problems in the New Year to drag its price down. While the lows have certainly been concerning for many, since then the drop has been halted, so there are encouraging signs. Recently Bitcoin – along with other leading cryptos – have inched back into the green, which shows that the stabilization of the market is well underway.