The percentage increase in the price of Bitcoin has been 4.36% between January 27th and 28th. Some analysts have linked the changes in the price to the coronavirus epidemic in China.
On January 28th, the cryptocurrency market was back in the green as the price of Bitcoin, the main crypto asset in the market, increased by 3.82% to go from USD 8,712 to USD 9,040, within just 24 hours.
At the best time of that period, the price of Bitcoin exceeded USD 9,100, according to data from CoinMarketCap. By mid-January, the value of the pioneering cryptocurrency in the market had reached these levels. However, in recent days it even fell below USD 8,400.
According to their market capitalization, the rest of the main cryptocurrencies have accompanied the bullish movement. The most prominent on that list is Cardano (ADA), with an increase that is around 13% between January 27th and 28th, with its current price USD 0.051.
On the other hand, the considerable increase that Ethereum Classic (ETC) has experienced places it among the first in the ranking. In a period of 24 hours, the value of ETC came to exceed almost 8%, going from USD 9.86 to USD 10.71. Until the time of writing this article, its maximum has been USD 10.98. Other cryptocurrencies whose prices increased by more than 4% during those 24 hours have been Tron (TRX), Bitcoin SV (BSV), EOS and Litecoin (LTC).
It should be noted that only three cryptocurrencies on that top-20 list are currently in the red. The value of DASH has fallen by about 2%, whilst Bitcoin Cash (BCH) and Unus Sed Leo (LEO) have dropped by 0.19% and 0.2%, respectively, in the same time.
Expectations about Bitcoin’s Price
Without a doubt, an event that keeps expectations high among the participants of the cryptocurrency ecosystem is the halving, a mechanism by which the issuance of bitcoins per block is reduced by half.
The background of the main cryptocurrency of the market leads many to think that there will be large increases in the price of Bitcoin shortly before and, above all, after the halving event. For this reason, the predictions about the possible movements of Bitcoin this year are countless.
Despite the bullish view present in most positions, there is also one of uncertainty. Many analysts agree that there are not enough data to accurately predict the effect that the halving will have on the price of Bitcoin.
Until January 28th, the price of Bitcoin had increased by more than 26%. While the value of the pioneering cryptocurrency was close to USD 7,200, it now exceeds USD 9,000.
Meanwhile, various global mass media have linked recent movements in the price of Bitcoin to the expectation caused by the coronavirus epidemic that erupted in China. Initially, it was mentioned that this was a possible reason for the drop in the price in recent days. However, many members of the ecosystem now associate it with the increase, according to economist Alex Krüger.
By Alexander Salazar