Crypto Trend : May 21
Bitcoin Surge Drives Recovery of Crypto Market
Bitcoin had been taking a deep dive for a while, recording a season low of $3,399 on early February. Bitcoin price at beginning of May slowly took a turn and came back with an explosive momentum resulting in on May 10th, topping over $8,000 USD on the 14th. Although it took a sudden dive to $7,000 mark on May 17th, that didn’t halt the steady recovery to $8,000 by May 21st. The current Bitcoin price level has recovered to that of last year’s before the crypto-market bust.
As Bitcoin is taking the lead crypto-market in general is gradually recovering to that of last year.
Ethereum is enjoying the long-waited bull market as well, currently going over $250. Compared to last year’s $700 mark, there is still much room left to fill in. Nevertheless, ethereum still managed to recover its 2018 September position after a long decline.
Another major crypto-player Ripple has also made a healthy recovery along with Bitcoin surge. While It was trading at $0.3 on the 14th, it had a giant leap to reach season’s high of $0.47 at May 16th. After a correction, average trading price of Ripple is around at $0.4. As with Ethereum, Ripple has not yet made a full recovery to last year’s May price, which is $0.7, but it has made it back to the late 2018 level.
Korean premium is estimated at around 0.9~1.07%, depending on exchanges.
Reason for Bitcoin Surge : Trade War between the US and China?
While various factors that global corporate giants jumping into crypto-industry, and test launch of Bakkt’s Bitcoin futures market, the most prominent factor seemed to be the deepening trade dispute between the US and China. The trade dispute between the US-China have presented uncertainty to the global audience, and pushed to toward a safer, independent asset in financial market. In turn of these events, Bitcoin is being viewed as a safe asset, and such view would lead to a sustained price increase as a safe asset, or a global currency.
“Bitcoin” search on Google Trend recorded at 14-Month High
According to cryptocurrency media “Cryptoglobe,” Google search for “Bitcoin” hit the highest level in 14 months in Google Trends, thanks to the recent surge in price. Furthermore, during past two weeks, the level of interest for bitcoin has risen from 12 to 20, the highest level of interest since February last year when bitcoin was trading between $8,000~10,000.
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