It’s once again delightful to write about the Bitcoin and its latest price movements. After falling under $380 and struggling to get back on its feet, the cryptocurrency is back to prove wrong all those saying it will collapse. Today, yet another milestone has been breached when the value per coin hit $430.
Plus, reputable media paid quite the attention to the virtual currency, dedicating long articles on its meaning, positive effects as well as negative events related to it.
Therefore, it’s fair to say that today’s text should be a really good read for everyone interested in Bitcoin and its influence around the world. As always, we will first cover Bitcoin related information and then move on to technical analysis and expectations about the price.
African Countries Interested in Bitcoin; the Currency Could Lower Electricity Bills
As Quartz reports, African banks were very interested in new technologies such as the bitcoin and blockchain. Some experts believe that the Bitcoin technology might be the most important political and social innovation to impact the continent in 100 years. Africa is already having fintech innovation hubs and, reportedly, major players were really hoping to start testing how financial technologies like the Bitcoin would perform on African territory.
The second most interesting Bitcoin related news is about the study that believes the currency could help us lower electricity bills. Well, not exactly the cryptocurrency, but the technology behind it. Scientists used the blockchain ledger to come up with a smart plug prototype that could save more than £660 million in the UK annually.
Market Watch, on the other hand, focuses its attention on why should everyone start taking the cryptocurrency seriously. The reputable magazine claims that the Bitcoin has been on the rise in both value and use; thus, the author urges users, investors, governments and authorities to start paying more attention to it.
Finally, the last news is far from positive; turns out that a hacker group had attacked the Hollywood Presbyterian Medical Center computer systems and asked for ransom in Bitcoin. The hospital eventually decided that the fastest way to get everything back to normal was to pay $17,000 worth of coins to the provided address. Such events seriously hurt Bitcoin’s reputation and motivate hackers to make similar attacks in the future as well.
Bitcoin Still Growing
Let’s pay some attention to Bitcoins value. The current trading price of the currency is positive $420.93, whereas the highest value reached in the past 24 hours is even better $424.74. In the past few hours the Bitcoin fell at $415.39 and that’s the day’s low; nonetheless, the average price of the day is definitely $420. In comparison to Wednesday’s situation, the currency has noted a jump of around five points.
The market cap is still over $6 billion with an exact value of $6,407,109,711. Similarly, the volume remains at strong $61,234,300 (8,763). Nevertheless, the 24-hour price change is in the negative this time; its value is set at -0.97%. The 7-day graph, however, shows a constant progress.
Interestingly enough, the situation at the technical indicators and moving averages is almost identical with the one noted two days ago. All averages are pro-buy, while a total of nine indicators signal traders to buy. Again, two indicators (STOCH and Williams %R) are neutral and none are pro-sell.
There are some indications that the Bitcoin is being overbought and therefore you should have in mind that this may result with some price drops. Nonetheless, the situation is generally positive and promising.