Bitcoin Rallied, Now Trading Above $8,000 Again
- Post-US Tax Day Rally Underway
The price of just 1 Bitcoin jumped back above $8,000 early Wednesday, erasing a Tuesday loss that saw the No. 1 digital currency shed $200 in 20 mins.
Speculation is that that decline was the work of 1 or 2 large sellers, pushing prices down to market bids. After a quiet session Wednesday the world’s largest digital currency by market looked stable.
Currently, Bitcoin is trading at: 8,196.721680, +260.213867, or +3.278685%, as of 4:58a BST, the market is open.
Now, with the 17 April US tax filing deadline in the ‘scrapbook’, market participants are seeing a post-tax day rally in the cryptocurrencies.
Early this week the market saw some heavy selling in the digital coins to fund tax payment, following big profits banked in Y 2017, there were strong bids under the market, the support was hit, held and bounced in relief..
Analysts are predicting that the end of the US tax-selling pressure likely supports a rally in Bitcoin to $25,000 by the end of Y 2018.
Trading action across large-cap cryptocurrencies appeared to validate the post-tax day claims because: Ethereum, Ripple XRP, Bitcoin Cash and Litecoin edged higher supported on demand.
Market data from showed the total market cap of cryptocurrencies rose to $339-B late Wednesday ET from $250-B last week, signaling renewed demand for cryptocurrencies.
Bitcoin Cash rose 16.40% to $887.48, Litecoin rose 3.37% to $138.41, Ripple XRP rose 6.11% to $0.69820, and Ethereum rose 2.19% to $516.49.