Bitcoin continued its rise as last trading day on April, 13, and broke through $8000. Bitcoin value has been going up continuously recently, which makes the market of cryptocurrency alive again. The data showed that the turnover of Bitcoin achieved 10 billion dollars this week, while the average turnover per week was 5 billion dollars in the past.
The data isn't really fascinating since the volatility of bitcoin's price is really high but nonetheless it still is a positive sign that we might be heading towards the greens in the next coming weeks/months. I don't want to get my hopes up too much yet but with the plans laid out by institutional investors on building services around bitcoin and the blockchain, this could warrant yet another bull run.
Although Bitcoin is recovering, industry sources predict that Bitcoin price will go up continuously. The CEO of CoinShare, Danny Masters claimed that the market of cryptocurrency will recover, because more and more blockchain technique will be commercial, which increases the investors’ confidence.
In 2014-2015, there were many innovative services that was launched yet the market remained on a slump until Q3 2016 since these services haven't gotten any widespread attention, and if there was, it's only short-lived. What the market needs--unfortunately--is the attention of the masses and not blockchain-related advancements for the price to push. Innovations, though a good thing, isn't really a sufficient mover if you're looking at it price-wise.
In a few months, the price of Bitcoin declined by 65% compared with the end of 2017. Many factors lead to underselling, and the time for revenue is one of the reasons. Because the capital gains taxes of taxpayers are more than the predicted number, Bitcoin owners found that they have to sell more property to pay the taxes.
The tax season is over in most parts of the world so it might mean a go for most traders to buy and buy and buy. The crash simply means that the gains up until December 2017 is unsustainable, and there's no way the push can still be done so most traders already sold. As for Q1 2018, most traders sold due to the tax season, and now we see that the price is already recovering since that is already done.