The overwhelming predictions in the cryptocurrency space is beginning to materialise. In the wake of today, Bitcoin drove above the $8000 mark before moving to $8200 in a surprising development that did not take the digital asset 5 minutes.
This development could be seen as the beginning of the much awaited bull run that was earlier dashed few weeks back when Bitcoin was trading around $8900 before dropping boisterously within few days to $7000 region.
At the time of filing this update, Bitcoin is trading around $8,211.12 on Bitstamp, Coinbase and some other exchanges with 3% growth that made it see around $292.02 gains in the past 24 hours.
For Litecoin, however, the digital currency is changing hands at $143.67 with 7.08% price increase that made the digital asset see around $6.41 addition in the last 24 hours. This LTC market price is the same on Kraken, Coinbase, Gemini and some other notable crypto exchanges.
While the price increase for the two digital currencies came suddenly, Litecoin is by all indications leading the cryptocurrency market bullish return. The sudden upsurge in the price of Litecoin has been greatly linked with the upcoming halving which is expected to take place in less than 55 days.
As the cryptocurrency market begins to gain momentum, there is high expectation BTC will shake off its shackles and fight the bears to be able to lead the whole market out of its present disheartening conditions.
The present crypto situation which saw Bitcoin drive above $8200 before witnessing a slight downward movement and then jumping to $8,200 corroborate the ongoing assertion that the crypto winter is finally over.
Barry Silbert, a senior executive at a top American blockchain venture capital company, Digital Currency Group, has said the cryptocurrency winter appeared to be over.
While conversing with Bloomberg Technology on June 11, Silbert asserted that the recent Bitcoin spike would continue considering the fact BTC is moving in cyclical manner. He said we are already out of the cryptocurrency winter and now in spring.
However, former JPMorgan personnel Tone Vays is not sure the cryptocurrency winter is over based on the fact that the current price upsurge could not be linked to anything tangible.
Olayode grows businesses and develop ideas! He has made meaningful guest contributions to Huffington Post, Oracle Times, The Independent Republic and a host of other tech platforms.He's a blockchain enthusiast, with love for international politics.
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