In an unexpected move, Bitcoin suddenly surged over 16 percent on Thursday and continued its upward trend carrying with it other digital currencies, which continued into Friday 13 when it was trading at $8,053.
The renewed confidence saw Bulls back in action after steady declines in the recent months. Transaction volumes doubled on Friday to near $10 billion.
Other Cryptocurrencies Gain
Ethereum the world’s number 2 cryptocurrency by market value gained 12.8 percent to $467 with Ripple gaining 13.4 percent or $0.55 cents and Litecoin at $124 a gain of 8.7 percent.
Biggest Cryptocurrency Winners
According to Coinmarketcap, the biggest cryptocurrency winners by market cap in the top 20 were IOTA which gained 28.36 percent, Golem jumped 125.47 percent and Bitcoin Private gained 115.49 percent.
Out of the top 10 cryptocurrencies EOS spiked over 30 percent in a 24 hour period at $8.90 after the pre-release on April 9 of Dawn 3.0 Blockchain platform.
Within a 24 hour period Cardio gained 22 percent with NEO gaining nearly 13 percent to around $60.
Predictions of Another Surge
Chairman of CoinShares, Danny Masters is predicting another surge. In an interview with Fast Money he said that market confidence in cryptos will bounce back as the development by sidechain companies in usable technologies gain traction in the coming 18 months.
Why the Surge & What’s the Real Story?
Bitcoin, often referred to as the ‘new gold’ by crypt enthusiasts has likely surged on the geopolitical tensions driving investors to seek safer assets.
The uncertainty in markets that the U.S. together with France and the United Kingdom will strike Syria in a military intervention saw markets seeking safer assets.
Also supporting the trend ……..
Japan’s Climb in Bitcoin Trading
Data released by Japan’s Financial Services Agency (FSA) on Thursday which revealed that in one month Japan trades for Bitcoin was at $97 billion. Japan is now the foremost leader in Bitcoin trading.
Efforts by Japan’s FSA in the recent months to improve safeguards and data security is seen as significant.
They ordered Fukuoka-based Mr. Exchange and Tokyo GateWay to make changes after it was found that they lacked these features. Both the exchanges could not comply and were closed down.
Negative Effects on Bitcoin
Sell-off in Bitcoin over the recent months can be attributed to taxes, as holders of Bitcoin found themselves having to sell, in order to pay taxes. This is one of the factors that has seen the decline in Bitcoin which plummeted late in 2017 by over 65 percent.
What’s the best part for traders?