The much publicized ‘crypto winter’ has been a long, drawn out period of relatively low values among major cryptocurrencies, lasting now for several months.
Along with the depressed values compared to the incredible volatility of 2021 which showed Bitcoin race to over $60,000 and below $20,000 and back again, there has been a stagnant market for long enough for those who were on the edge of their seat a just a year and a half ago to fall asleep during the winter of 2022.
This weekend, however, has caused some market participants to wake from the months-long slumber and begin to take note as Bitcoin values suddenly climbed to $23,900 by Sunday evening (UK market time).
That is almost $1000 higher than the value at which Bitcoin began the very same day, its value having been at $23,003 at 00.30 in the first half hour of the morning UK time.
Over the 24 hours until 12.00pm today UK time, Bitcoin had risen by 2% which is significant considering the millpond-like doldrums it has been in over the past few weeks.
This sudden rally was short lived, however, and by 13.00 UK time, Bitcoin values had descended to $23,100 which is a similar value to the pre-rally price on Sunday morning.
Whilst the return to the low $23,000 range may appear a damp squib to those who had become excited by the sudden upward direction which took place yesterday, the movement does at least demonstrate that some market volatility was present after a long period of stagnation, hence why this has been a talking point among many analysts and reporters over the past 24 hours.
What is of perhaps greater interest is that the high point reached yesterday evening put Bitcoin value at its highest point since August 12, 2022, when it traded at $24,412 and despite tailing off a bit during the course of today, Bitcoin is still at its second highest point in the last six months.
Therefore, whilst perhaps a small blip in the market value of the world’s most popularly traded cryptocurrency may appear short lived, this is the highest value in the past five months, which is definitely something to write home about.
FXOpen offers the world’s most popular cryptocurrency CFDs*, including Bitcoin and Ethereum.
Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service.
Open your trading account now or learn more about making your money go further with FXOpen.
*Cryptocurrency CFDs are not available to Retail clients in the UK
Be the first to comment