Bitcoin Price Slowly Approaching $9,000: Is The Cryptocurrency Back On Track?

There has been a strong momentum in the cryptocurrency market over the past few weeks, especially for the Bitcoin price which surpassed $8,800 yesterday and rose more than 6% over the past 24 hours. Despite the minor correction now and the price being at $8,731 (at press time), the volumes across major cryptocurrency exchanges remain strong.

More importantly, the daily trading volume of the market has also increased and passed the $26 billion mark for the first time this April. On March 21, the Bitcoin price also came closer to $9,200  however failed to sustain the momentum for mid-term growth, falling below the $6,500 mark within two weeks after struggling to bounce off.

In November 2017, many investors described the $10,000 mark as a psychological threshold and a key milestone. Six months later, the Bitcoin price is approaching this mark – but first needs to surpass the $9,000 mark as an important milestone in its growth.

Since the initial correction of Bitcoin in February, the market hasn’t shown any signs of stability. The price of many altcoins and tokens followed the trend of Bitcoin and were sinking – just like the volume of regional exchanges in Japan and South Korea which significantly decreased.

Over the past five months, however, the awareness of cryptocurrency has kicked back again. Thanks to the larger number of individuals seeing the low prices of cryptocurrencies as an amazing investment opportunity, the crypto market flourished again.

According to some experts, the Bitcoin price will reach big numbers over the next couple of years. As the CEO of the fintech company Smart Valir, Olga Feldmair stated, Bitcoin will surpass $20,000 in 2018 and reach $100,000 within the next two years. In her own words, she told The Independent UK:

“I believe that we will see a comeback to the height achieved at the end of 2017 this year. Over the next two years I still predict we could see it reach a value of $100,000,”

The rise of altcoins is also an incredibly important aspect for the future of cryptocurrencies. Currently, altcoins are strong and their season has just started, with tokens like STORM recording 30% gains against Bitcoin and 40% gains against the US Dollar.