Bitcoin back to trading about $ 9000. After hitting a low of $ 7500 in the last few days, Bitcoin is back to trading about $ 9000. In the last 24 hours, it has risen by more than 4%.
Earlier as well, it had crossed to the level of $ 9000 briefly. However, within a few minutes, it had fallen back down.
Other cryptocurrencies on the rise as well:
Litecoin is another cryptocurrency which is on the rise. Due to the rumor that there might be a fork in the cryptocurrency, it is rising consistently.
Moreover, when you look at ripple as well, it also rises approximately 60% to 70% from the recent bottom. The bottom was around $ .60 and currently, it is trading above $ 1. That is why most of the cryptocurrencies are up when you look at them on a weekly basis.
The current rally in cryptocurrencies seems to last for a longer period of time. It seems like the bottom has finally found a bottom.
The negative news due to which cryptocurrencies were falling earlier continues unbated. In spite of that, most of the cryptocurrencies are actually increasing in value. This is the main indicator that the bottom is already been made.
Slowly but surely, retail investors are also moving towards investing in cryptocurrencies once again. Once the momentum of the retail investors, as well as the institutional investors, resume, you can be sure that the prices of the cryptocurrencies would rise even more.
In the longer run, however, only the cryptocurrencies which have an underlying application would rise more.
According to the CEO of Kraken, investors need to research for themselves rather than just relying on the exchanges in order to invest in the cryptocurrency. He added that as long as investors are able to research before investing in cryptocurrencies, they would actually be able to make good returns. This is the reason why it is the time that investors become more cautious when it comes to picking the cryptocurrencies in which they are investing.
Unlike earlier, when each and every cryptocurrency appreciated, this time around investors would only be able to make money when they are selective. This is the reason why they have to be even more careful when it comes to investing in cryptocurrencies.
Only once they are more careful, they would be able to make a good return on their recent investments.