Bitcoin has tumbled big time, going from almost $20,000 in December 2017 to almost $3,000 in December, 2018. While the “people’s currency” has dragged other alt coins to the near bottom, including Ethereum, Litecoin and many more, the crypto market managed to add around $45 billion in less than 10 days to its market capitalization.
Since December 15th, Bitcoin has stabilized to above the $4,000 price level, currently trading at around $4,200. Analysts believe that since the cryptocurrency hit a major bottom, its price is going to continue climbing towards the end of this year.
The price of Ethereum has also climbed since December 23rd by more than 50% against the U.S. dollar. The rise has prompted Alex Kruger, a crypto trader and an economist, to comment on the trend, saying:
7 days ago ETH was down 94% from all time highs. Now, after a 52% increase in 7 days, ETH is only down 91% from all time highs
For Bitcoin, the next important level is the $5,000 mark. If the price goes to above $5,000, the bear market for Bitcoin may be soon over.
The cryptocurrency market capitalization was around $100 billion before December 14th. Now, 10 days later, the crypto market is worth around $145 billion, adding a substantial 45% increase in value.
There is no clear direction for Bitcoin and other major alt coins and their price levels. However, there are some positive news that may affect the short-term price levels of Bitcoin, including the launch of the Bakkt Bitcoin futures.