Crypto markets surge upwards

The 19th June 2018 may turn out to be a landmark day for crypto. On the other hand, claiming that it’s about to go on a bull run has about as much grounding in reality as claiming England will win the World Cup. Nevertheless, we are seeing them all go into the green.

Data from Coin360 shows that following yesterday’s spike in prices, the crypto market gained $13 billion in one hour. This follows a week when red was the dominant crypto colour.

BTC is up around 5% over the last 24 hours, while Ethereum has scored a robust 9% price hike. Out of the other Top 10 coins, Tron has seen the strongest growth of 16.5%, but then it is only priced at $0.05, so it is easy for smaller investors to get on board. Cointelegraph is of the opinion that the interest in Tron was sparked by the acquisition of BitTorrent streaming service by Justin Sun, Tron’s founder.

Some coins have remained in the red: Tether is one that went down by 0.26%, and Binance coin is down as well, perhaps due to the news that it has been connected with the manipulation of the Bitcoin price.

Some are surprised at today’s rise in the crypto market, coming as it does after the Bank of International Settlements (BIS) rubbished crypto. Clearly not everyone supports the BIS statement. CIO of the Altana Digital Currency Fund Alistair Milne tweeted: “The Bank of International Settlements saying Bitcoin is bad is like turkeys releasing a research paper about all the reasons Christmas is a terrible idea.”

Bill Baruch, a futures broker also claimed that Bitcoin’s volatility is now at its lowest level in more than a year and has probably reached its bottom point. This means that selling is now exhausted. He believes that Bitcoin has finally come back down to earth and a bottoming process can begin. For him $10,000 is a line in the sand – and the point at which owners should consider selling. But, we’ve still to get back there yet!

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