A week of growth: Bitcoin regains positions

Bitcoin has lately dropped to values some didn’t even consider possible to see again, but for some reason, this week can be characterized as a rather bullish one. According to Coinmarketcap stats, the most popular cryptocurrency in the world has jumped from values around $3690 to 4246.77 on Thursday. It is unclear, however, why today on Friday (29.09.2017) it went down. It might be a correction wave, it might be amidst the news on South Korean ICOs ban (one of the biggest cryptocurrency markets is located there), it might be both factors combined.

Stats courtesy of Coinmarketcap.com

Why was Bitcoin rising all week until now – unclear as well. Some believe that Bitcoin, among other cryptocurrencies, has been naturally regaining losses after the previous week and it fits the wave patterns. Optimists suggest this is a complete long-term trend change, but the first assumption looks more realistic. For the advocates of the concept that the main factor affecting the market is news, we have seen a relatively good information atmosphere around cryptocurrency this week, with some traditional investors who, unlike Jamie Dimon, didn’t quickly jump to conclusions like “Bitcoin is a total fraud”.

As for the next week, at least its first half might not be as bullish due to the initial market panic caused by the recent South Korean ICO ban. Reports already suggest the South Korean market is in frustration.