We’re at the middle of the week with the price of Bitcoin continuing its steady growth and marking a month of staying over $1,000, which is yet another milestone for the cryptocurrency. Despite the challenge it faced during the past days, Bitcoin still remained stable and with far less price spikes that what’s considered “normal” for the currency. And judging from the market signals, the positive trend is here to stay.
In other news, reports are coming in about the continuing actions of Venezuelan authorities to disperse Bitcoin mining operations, which have been going on for some time in the country. But unlike previous reports we wrote about, the latest shows a different side to the story.
Namely, according to updates, the latest instance involved two unidentified brothers whose house was raided by the police for holding more than 90 mining terminals. According to their testimony on Reddit, the police sought and received a $1,000 bribe per machine to leave them alone. Yet, for the sake of anonymity, the story remains officially unconfirmed.
Traders in a Buying Mood
During the past 48 hours since our last update, the price of Bitcoin has moved out of the $1,220 range it closely followed for the past weeks to cross $1,245. The lowest point was on Monday afternoon, when the price touched $1,224.25, while the highest was reached yesterday morning, when the Bitcoin price was 1,249.19.
The trading volume has also remained relatively high during the past two days and is now at $217,423,000, while the market cap is at $20.2 billion. As always, with higher volumes stronger price corrections are possible.
As to our technical analysis, the overall signal is heavily pro-buy, with 9 out of 12 oscillators and all 12 moving averages being in the sell zone on a longer time-frame. Short term indicators show an almost identical picture, which means that the price is likely to keep growing. However, some oscillators are also signaling overbuys, so a change of tide is possible soon – so keep a close eye on the market.
Cryptocurrencies Spike after SEC’s Decision
One of the most interesting events this week was to see that not only did Bitcoin kept going up after the relatively brief panic from the SEC’s negative decision subsided, but it also (indirectly) pulled a number of other cryptocurrencies with it. This must be the first time that such a big event failed to crash the entire asset class and instead lead to an uptick across a number of its members.
So, instead of investors bailing out on the whole domain, judging from the price changes they went the other way and started buying other assets, apart from Bitcoin. Thus, during the past several days a number of cryptocurrencies that were nowhere near to Bitcoin’s $US value and market cap started growing fast and wide.
Ethereum , for example, when tracked back before March 10, the date of the SEC decision, shows a price of around $18, while the market cap at the same day was moving closer to $1.6 billion. But go forth to March 11 and you’ll see the price double and the currency growing over the next days to the current $28 levels and a market cap of $2.56billion.
According to Fortune, this interesting turn of events may be either due to a rise in interest in cryptocurrencies, triggered by the publicity surrounding the SEC decision, or due to the new strength cryptocurrencies have gained over the past month. Whatever it is, it will take some time to confirm whether this is a prevailing trend.