After nearly a year of red, we have finally experienced a week of green in terms of crypto market growth. With this, the logical question the tip of everyone’s tongues is: why now? Following this, because of what happened last year, some may be asking if this is simply some sort of reprise of last year’s events.
In an article published today, Cointelegraph reported that over the past 24 hours, Bitcoin Cash has been experiencing the most growth, with Bitcoin SV quite close behind. Even so, when the same data that they cite is considered over the course of a month, both assets appear to be 50% down or more.
Overall, given that Bitcoin is up by about $1000 this week, the answer to why we are experiencing such an upturn appears at least partially clear. As has been suggested time and time again, when Bitcoin is up, so is the rest of the crypto market.
Whether this has to do with some sort of positive news for the space remains to be seen. It is true that speculation on the next asset to be listed on Coinbase could have something to do with an element of the market’s upswing. At the same time, the answer to the market’s upswing could simply be that the negative news cycle has lessened somewhat, in comparison to how it has been for the better part of this year.
In the end, knowing exactly why the market is experiencing green after such a long period of red is nearly impossible due to the industry’s early state. What is arguably more important is that we remember that focusing on tangible, technical developments will engender true long-term, instead of only short-term growth.
Wild price speculation is the major reason that this bear market began. Moving away from that habit could end it for a longer period of time.
By: BGN Editorial Staff