From September 12 onward, bitcoin has been rising in price. This is highly impressive news seeing as BTC recently fell to as low as $6,230 just days ago. Unfortunately, we are still in a bear market, even with this positive activity, but this movement brings hope to the community. Bitcoin’s price increase has also pushed other cryptocurrencies upward. For the first time since August 15, ether has seen an impressive price increase. It is currently at $206.
It’s a good time to swing-trade
While the overall market is still in a poor state, from May 2018, up to now it has been a great climate for swing-traders and (to a lesser extent) day-traders. This is because the market has been extremely temperamental and has been consistently rising and falling. Swing-traders generally favor this type of behavior as it means that they can bet against certain tropes and market movements.
Of course, bitcoin’s price increase is also great for day-traders, as price rises help all types of traders and investors. The fact that the market is acting positively will additionally be enough to entice newcomers to start investing, which is always helpful in the long-run. Day and swing trading is the life-blood of any asset class.
Bitcoin’s price increase helps altcoins
A look at CoinMarketCap reveals that a significant amount of altcoins are performing well at the moment, not just bitcoin and ether. XRP has risen by 1.65%, BCH by 2.16%, and EOS rose by a striking 3.74%. Perhaps one of the most impressive rises in the top fifty cryptocurrencies by market cap is Decred, which has increased by 8.14%. Rises like this are rare in such a steep bear market. Of course, as per usual with these types of positive movements, there are some coins which go against the grain and start falling. Sia, for instance, fell by 0.38%, WAVES fell by 2.38%, and Verge has fallen by a huge 5.27%.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.