Space velocity: Bitcoin and market cap experiencing biggest growth since December

Bitcoin’s meteoric rise has become the subject of the media once again. At the press time, Coinmarketcap shows $7,796.25 (+13.75%). The capitalization of the market has become bigger than $300 billion.

Image courtesy of Bloomberg

The likelihood of this growth has been predicted by several economic observers, their main argument was based on the historical data as well as simple fact that a pessimistic sentiment cannot last forever. Comments on the current rise are yet to come. The media already notes that this jump is the most rapid since December 2017.

The dynamics, as it seems, has not been influenced by any major positive event. Some economists even think that connecting the price motion to events is a bad idea to begin with.

According to the March findings by Sheba Jafari, Bitcoin has to return to $9,322 to regain stability. This means that investors would be better off staying skeptical about this jump - nobody knows how long it will last. Former JPMorgan trader did not exclude the price jump in the near future in an interview to a TV channel today, although he might have not expected his prediction to come true so quickly.

Image courtesy of SpaceX