Christmas has come early for Bitcoin and other cryptocurrencies. Reports on the 16th of December 2018 had it that the price of Bitcoin has risen by a margin of more than 10 per cent. The news has been welcomed by crypto-investors and enthusiasts across the globe considering the rough year that the digital currency has endured. The market change comes during a period of much-anticipated festivities. The sudden increase in value is proof enough of how volatile the digital asset sector is.
Christmas also comes early for other cryptocurrencies. Stellar, Ripple, and Ethereum are other cryptocurrencies that have seen a sudden surge in value. EOS has recorded the highest gains of all the cryptocurrencies rising in value by nearly 50 percent in a period of only two days.
Price increase comes as a surprise
The sudden increase in price comes as a surprise to many crypto-analysts. Cryptocurrency was recently deemed to be on its death bed, but recent price surges suggest anything but. All hope is not lost and some people are of the opinion that this might be the first step to a comeback in 2019.
“The sudden increase in the price of crypto-assets in the last 24 hours has left many unanswered questions on whether the cryptomarket is going through a Santa Rally. Crypto market is still new, and it is hard to tell if this price change is just a common December trend,” remarked Mati Greenspan, senior market analyst at eToro.
Turning point for Bitcoin
It remains to be seen whether the sudden surge in price is a turning point for Bitcoin. Fingers are crossed that it will be like so. The positive news has breathed a new lease of life into investors who had begun to lose hope in cryptocurrency. Recent events have been foretelling a bleak future for Cryptocurrency. Donald Trump’s sideshows and Britain’s BREXIT saga are just butsome of the events that have been considered barriers to the progress ofcryptocurrency.
As gloom as the future may look, crypto-enthusiasts have much to look forward to especially following the early Christmas present.