Bitcoin and Other Cryptocurrencies Are Soaring Again—For Now
The cryptocurrency scene is, for the moment, in a sea of green. Values now seem to be steadily recovering after a rather dismal period in the last week of June.
Bitcoin, the predominant virtual currency, is now up more than 13% on the $ 5,900 price it commanded last Friday, before things started to look up again. At the time of writing on Thursday morning, it was at $ 6,750, up 3% on the day. There is no obvious reason for the rally, other than the fact that it has recently been a relatively cheap buy.
For most of the other leading cryptocurrencies, values are also looking better. Ethereum is up 3.1% at $ 482, XRP is up 1.1% at $ 0.49, and EOS is up 1.9% at $ 9.10. In the top five cryptocurrencies, only Bitcoin Cash is in the red, down 0.25% at $ 765.98.
Bitcoin’s last big rally was in April, when it rose in value by about a third. Interestingly, recently published data suggests that many investors decided that was a good time to get off the Bitcoin train rather than to keep holding on, following its bigger-picture decline since its December highs of almost $ 20,000.
Some suggest that the decline since December has largely been down to the introduction over that period of Bitcoin futures trading in the U.S. If they are right, we may not see the cryptocurrency soar in value again, like it did last year before the big crash.
