The upward trend is observed in the futures market. After last December many digital assets reached record prices, bitcoin and the crypto-exchange markets as a whole were “bearish” (declining) during the first month of 2018. At that time, traders forecast a downward trend in value, a “short” market. However, according to the latest data from the Commodity Futures Trading Commission (CFTС), bitcoin futures rates show that the vast majority of contracts become “long”, demonstrating that the cost of the BTC is becoming “bullish”, that is rising.
Bitcoin climbed about a great hike of $2,000 from its intraday low Tuesday, making up some of the losses it experienced from 2018’s January correction.Bitcoin was trading around $7,900, after slapping a low of $5,947 a little over 12 hours ago. The world’s largest cryptocurrency according to market cap opened at just under $7,000 on the day but hit a daily high of $7,763.
Overall, bitcoin has yet to make up a significant portion of the more than $10,000 it lost since reaching its all-time high of more than $19,000 in December, or even the $17,000 it fell from in mid-January. However, Bitcoin’s increase reflects the overall cryptocurrency market cap, which jumped nearly $100 billion in 10 hours.
The increase will surely cause investors to let off a sigh of relief – the cryptocurrency had been plagued with severely declining values since it broke its price record.
Looking at the wider pattern of boom and bust in the highly unpredictable cryptocurrency market, it likely seems that today’s rebound will continue into new highs soon, or even a big gain.