Finally Cryptocurrency Might Be Entering a Bull Market

Good news for Bitcoin enthusiasts, after nearly six months of continual losses, analysts are predicting that cryptocurrency could see a bull market soon

Bitcoin prices began to fall in July 2018, from the highest value of $8,160 down to $3,480 by the end of January 2019, as reported by coin ranking site CoinMarketCap.

However, over the last few weeks, the digital currency has been gaining momentum. Prices are sitting at about $3,920 as of Tuesday morning. If these prices stay at or above their present levels until the end of this month, bitcoin will finally see its first positive month since values began to drop in the summer of 2018.

A senior online market analyst at the trading platform eToro, Mati Greenspan, told The Independent that bitcoin’s recent gains could suggest that a much-anticipated bull market is near.

However, he added that until bitcoin goes above $5,000 , the most extended bear market in cryptocurrency’s short history is still underway. The majority of analysts think that bitcoin’s higher values are due to J.P. Morgan’s decision to introduce their own cryptocurrency.

JPM Coin is based on blockchain technology, which is what bitcoin uses and the JPM coin will be used to facilitate almost-instant settlements of money transfers, according to the Financial Times.

However, JPM coin will only be used for internal online payments at the bank, and it is not available to be publicly traded. Nevertheless, the move shows that the broader financial sector is ready to adopt this technology.

Forbes concluded by stating that the fact that JPM is using a digital coin for cross-border payments only gives strength to the entire space and highlights how these digital coins could be the future.

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