The recent surge in value in the cryptomarkets has continued, despite a short-term return to slightly lower levels. At the time writing, Bitcoin is trading at £8050 and still enjoying a green chart with growth in the double figures. Other major currencies are also enjoying a spring revival, with Ethereum trading at well over $200 and ripple seeing almost 20% up on 7 day trading value.
It looked briefly like the markets would settle back down over the weekend, but this has proven not to be the case – so just what is behind this current surge that has now seen Bitcoin double in value over 2019?
According to an article on Ethereum World News, there is no one factor behind it, but instead a host of positive developments that seem to be creating ideal market conditions. These include Ebay’s announcement of their intention do dive into blockchain, the announcement that Amazon’s Whole Foods, Gamestop, and other leading outlets are to accept Bitcoin thanks to Gemini’s partnership with crypto payments startup, Flexa and finally Bakkt, the Intercontinental Exchange’s independent crypto initiative, who have revealed that they will be launching their physically-backed futures contract in June.
In addition, Bitcoin appears to have managed to seperate itself from the correlation it has shared with fiat equities over the last few years, leaving it free to move alone.
As always, in the world of cryptocurrency nothing can be predicted and the unexpected can always happen – but for now, let’s sit back and enjoy the bull run.