There is a lot of excitement building around Bitcoin’s latest price surges. Many a pundit is suggesting that its prices have at last bottomed out and the market should start preparing for the much-awaited bull run.
Martin Weiss and his research team from Weiss Cryptocurrency Ratings had noted in late 2018, that Bitcoin was breaking through its support levels and it was the best time to buy it. The GTI VERA Convergence Divergence Indicator is a feature used to predict the future direction of assets by analyzing their price history and is, in essence, a technical indicator which has an element of lag.
Nonetheless, Todd White of Bloomberg says that this indicator was leaning bullish. This is the first time it has done so in months, and apparently the last time it issued a “buy,” Bitcoin prices hit heights of 17 percent in a span of a month.
Recent data from Newconomy show that Bitcoin prices spiked $600 from around $4,200 to peaks of $5,100 in hours. That was the first impression, a double-digit gain for the world’s most valuable coin in a span of 15 months. During that time traders experienced the freeze and prices collapsed after peaking in late 2017.
Founding this rally were two consecutive bull candlesticks, the first of its kind since late 2017. Accompanying this super rise was a surge of market capitalization from around $72 billion to around $86.9 billion at the time of press.
Bitcoin though is not the only coin basking in glory right now. Bitcoin Cash is also raking in substantial price moves and is leading with a 44 percent price increase. Ethereum (ETH) likewise has added 12.6 percent price while Litecoin is up 20 percent.
This implies that there are a lot of investors injecting liquidity in the markets. It is also a pointer that investors are now more aware of cryptocurrency trading and are willing to stake not only high returns but high-risk trades as well.
This positivity can be attributed to more and more educational platforms on crypto trading. They are helping uncover the shroud of misinformation around the new technology. Ric Edelman of Edelman Financial Services recently organized a Cryptoasset and Blockchain Pre-event. Its attendees were the nation’s top financial influencers and advisors in the digital assets space.
Records taken before the event show that 96 percent of all participants had an attitude that was anti crypto assets. On breaking down these findings, it was found that 80 percent of these financial decision makers knew next to nothing about digital assets.
A whole 92 percent of them said that they lacked the knowledge and insight required to explain what digital assets were to their clients. A full 84 percent had never dipped their toes in cryptocurrency trading, while 44 percent had no idea Bitcoin can be an investment.
The five-hour program presented by Cryptoassets Council and the Advisor Blockchain did much to change the attitude this important niche group had about cryptocurrencies.
By the end of the program, the post-program survey results showed that 89 percent of them were more enthusiastic about digital assets. The group became more confident in their knowledge in crypto and bitcoin too.
71 percent of them raised predictions on Bitcoin’s future prices, and 82 percent of them said that they were considering purchasing crypto.
“This remarkable turnaround in attitude by these top financial advisors demonstrates the urgency of teaching advisors about this important emerging asset class,” said Edelman.
This story is sponsed by NewConomy.
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