Besides the fact that the price per Bitcoin has increased since the beginning of the week, the cryptocurrency’s value is up for around 37% against the US dollar since the beginning of 2015. Therefore, many recognised the Bitcoin as the biggest winner of the year, a thing that could drastically improve its reputation.
CNBC, a reputable medium that provides latest business news, compared the Bitcoin to other commodities. The analysis reveals that gold fell for about 10% and energy commodities noted a sharp 30% drop. However, CNBC points out that the Bitcoin managed rise up after hitting record lows in January and reach an excellent price of over $400 per coin.
Similarly, Bloomberg View and Money Control called the Bitcoin “Comeback of the Year” and “one of 2015’s biggest winners.” Both sites praise Bitcoin’s strength to get back on its feet and note the current trading price of $430.
There weren’t any particular events related to our favourite virtual currency and that’s not surprising having in mind that everyone is busy thinking about 2016. That makes us believe that the Bitcoin won’t note serious price fluctuations in the days to come and thus it will enter the New Year with a strong value of more than $400.
Good End of the Year
Well, there’s not much to say about the current trading price; a single Bitcoin is worth $432, a value that’s pretty great knowing only several months ago the price was under $200. Those that remember Monday’s numbers know that two days ago the cryptocurrency was trading for $424.73, thus they can easily spot the improvement.
The day’s range also shows relatively positive numbers. The lowest price hit by the Bitcoin in the past 24 hours is almost $420 ($419.61), whereas the day’s high is decent $434.01. The year to date change still has a strong positive value of 37.67%, whereas the market cap remained over $6 B ($6.07 B).
The volatility today is over 21.36%, while the volume’s value finally improved a bit and reached 44,423. In case you don’t remember, the volume was around 30,000, a value that usually signals a possible price drop.
Now’s the Time to Buy
After Monday’s difference in signal seen between technical indicators and moving averages, today both of them are clearly suggesting traders to buy. This could mean that before 2016 hits the scene we might see another price jump.
A total of eight technical indicators and 11 moving averages are pro-buy. When it comes to the first ones, the RSI (60.954), MACD (1.810), Williams %R (-28.353) are several of the indicators that predict a price improvement. When it comes to the second ones, all except the 200-day SMA agree with the previously mentioned indicators.
Therefore, in this last 2015 post, we can only express our hopes to see the Bitcoin grow a bit more so it welcomes 2016 with a value over $450. Nonetheless, if that doesn’t happen, traders don’t have a reason to complain because the current situation is pretty good as well.
If you still haven’t bought presents for your dearest, you can surprise them with some Bitcoins and even see the price of your gift increasing in the year to come. Of course, we have to remind you to use stop loss orders just in case and don’t place them lower than $420.
Happy trading and happy New Year!