Bitcoin stages a comeback as prices move towards USD18,000

Bitcoin stages a comeback as prices move towards USD18,000

After more than two weeks of taking a hit in massive crashes, Bitcoin, the world most popular digital currency has staged a comeback.

As at the time of writing this report, Bitcoin was trading on the Luno Naira exchange at NGN6,190,000 per BTC/XBT.

For those who are expecting an immediate retreat from its lows, Bitcoin might disappoint such short sellers. This is because the comeback has been gradual. It turned out that for more than three days in a roll, the cryptocurrency has been swelling its prices.

So what do we have pinpoint to this upward swing? There are many factors. There seems to be a drop in negative stories about the currency. It happened that before Christmas, there were various regulatory actions targeting Bitcoin owners and exchanges from Korea, India to Singapore.

Another negative impact on Bitcoin was the handful number of short sellers who cashed in on their gains to celebrate the festivities.

I had told some analysts and enthusiasts during the price drops that Bitcoin was suffering from sellers who need gains to do one or two things for the holiday. Interestingly, there were major gains for Altcoins such as Ethereum, Ripple and Litecoin. It will be interesting to see how the back in Bitcoin prices will impact them as well.