Bitcoin

Bitcoin (BTC) Holds Up Above $4000 Mark But Does it Spell Significance For the Market?

Bitcoin climbed up to a two-week high earlier today, crossing the psychologically significant $4,000 mark. Jumping 6.5 percent, BTC price sparked $262 as it stands at $4,012 at press time. This welcome rise has been reflected throughout the market as upside momentum with Litecoin (LTC), NEO (NEO) and Cardano (ADA) can be seen going up 12.16, 10.6 and 9.11 percent respectively.

Source: CoinDesk 

The subsequent and an active market has served as an encouragement to enthusiasts and investors, who believe that the bear run might just be overturned at the start of the new year. To merit the significance of the $4,000 mark and credibility for BTC to hold above it, BlockPublisher spoke exclusively to market expert and Senior Analyst at eToro, Mati Greenspan, who downplayed any potential encouragement associated with the green run. He said:

Good to see Bitcoin holding above $4,000…. but this was never really a significant level to begin with.

When asked if the $4,000 mark represented any psychological factor for the market to determine a bull run, Greenspan told that it was never really a significant mark and again touted it to be only the halfway mark in the current price circumspect. He continued:

4k never really played a huge role in Bitcoin’s price action. The current range that we’re in is between 3k & 5k, so 4k is just the halfway mark. Only a strong breakout of the range can give us a new direction.

While a $6.1 billion increase in market cap can certainly not be touted as a strong breakout, it does represent healthy figures of $138 billion moving up from $132 billion yesterday. In the same light, Ethereum has also seen a spark in the past few hours, moving up to the $153 mark, shooting past XRP in second place as the largest cryptocurrency.

Experts remain divided in pin pointing as to when the bear market will spell its end, however the numbers and market greens represent a turned corner. One may be forgiven to disagree with Mr. Greenspan and signify the increased value for BTC and the rest of the market.

Razi Khan

Researcher, Electrical Engineer and a teacher, Razi is one who takes great intrigue in the prospects of blockchain and cryptocurrencies (BTC in particular) while contributing a critical approach over the subject regularly. Contact the editor at editor.news@blockpublisher.com

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