Bitcoin Jumps 15% Higher, STEEM (And Some Alts) Take An Expected Hit
As many crypto-savvy people expected, Bitcoin made a spectacular jump in the last few hours, going from $4,105 to $4,708, according to Coindesk Bitcoin Price Index:
I'm using this tool instead of Coinmarketcap, as it is a bit more conservative, hence, probably more accurate than CMC, which sometimes may be a bit inflated.
I do not know what ignited the jump, but it may be related to the fact that tax season is over, the bear market bottomed a few months ago, and some whales are trying to see if the bull season may be started.
As expected, STEEM took a hit and it now trades just a tad under 10k satoshis (after diving under 9k for a few minutes), but it stabilizes around that level.
I say this hit is expected because, traditionally, when Bitcoin showed signs of growth, a lot of value in alts poured into it, hence drawing the alts price down. Once Bitcoin stabilizes after the jumps, some value stored in Bitcoin will be then redirected back into the alts, hence drawing the alts price high. This lever-like mechanism functioned since the alts became relevant in crypto, and has been seen all over the 2017 bull run.
Although the jump is the most significant in months, I'm still relatively cautious. A hard correction may come at any moment. Nevertheless, I see some signs of crypto spring.
As usual, this is not investment advice, do your own research and never invest more than you can afford to lose.
Steem on!
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Ammm like is the good old days
There have been many many signs during the past weeks but overall the important is fundamentals are more and more solid every day. There may be a retracement after the spike but the price crossed the 200MA and that is a clear sign of final trend reversal. We may be just starting the expected next uptrend.
Any idea what happens there?
just saw that and thought to post something related strictly to the price evolution, I'm digging news now to see why this happened.
I've just seen some time that bitcoin is starting to look up and this is the beginning of our new spirit at the moment
I have saw many pumps and dumps in my time, this is not new, DO NOT FOMO or you will lose, thats what happened million times in history, you can thank me later :)
Now it is 5000 level and showing further residual strenth and it looks like the staage is set for 5500 level for Bitcoin and 5500 level will be a big resistance for Bitcoin. But at this moment, its time enjoy the bull phase of bitcoin.
Thank you and Have a great day.
Everybody has been waiting for an upsurge for a long period of time. Hope it keep on going like this till steem hit 50000satoshi.
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alts has to come down with that big spike in bitcoin alts will recover more quickly now if it stays stable
hopefully bitcoin can continue to soar
only 15% for me hopefully it can be up to 50%