Critics and skeptics were calling Bitcoin a big “bubble” earlier today when Bitcoin broke to its lowest point in 2018. At 15:59 UTC, Bitcoin was trading at $5755 and within 47 minutes there was a $500 jump and BTC went back to trading at $6225 [BITFINEX:BTCUSD]
Along with Bitcoin, there was a major spike all across the board with the biggest gainers being Bitcoin Cash [BCH] and EOS which gained a monumental 10% in under an hour. Like Benji Nathan, a chart analyst calls it, “cryptos will rise the way it falls”.
Ontology and Bytecoin saw a 14% and 13% growth in the one-hour percentage respectively. Ripple [XRP] also jumped from trading at 44 cents to 47 cents within the hour. Although this jump still does not pull Bitcoin “out of the puddle” it has given the investors back a sense of excitement and anticipation.
Cody Fonner, a Bitcoin investor who invested when Bitcoin was at $17k spoke to AMBCrypto and says,
“People call me a fool and I did get the bitter end of the deal but I consider myself stuck. I would rather not sell, ever, than sell it for a dime lesser than I bought it for. This one hour jump makes me believe that a bounce back is possible. The market just needs to believe, optimism needs to build.”
Many from the industry call the current clampdown on prices as a barrier to adoption. AMBCrypto had spoken to the lead tech of an upcoming ICO in the AI vertical about the current drop in prices and the technological revolution. He, Adam Glück says,
“Despite what everyone says, 2018 has been the biggest and most progressive year in terms of technological developments and adoption. Although prices don’t reflect it, I believe we are poised for a big boom. It has to happen. There are millions invested in this industry, tons of people working day in and day out to revolutionize this industry. I for one have no doubt that we will be heading upwards. Be it next month or next year, it will happen”
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