The crypto market has made its way back into the green today, posting positive results as a bull trend pushes
Bitcoin (BTC) back above the US$6700 watermark.
At press time, Bitcoin had bounced 1.26% to trade at US$6.724.701.
Ethereum (ETH) jumped 1.79% to go for US$278.26.
Ripple (XRP) rose 1.86% to trade for $0.329328.
Litecoin (LTC) also increased 1.43% trading at US$56.28.
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Experts warn that the positive charts could be a calm before BTC plummets again, as the market waits for the US Securities and Exchange Commission’s decision to
ratify another Bitcoin Exchange-Traded Fund (ETF). Last week’s SEC decision left nine ETF proposals on the outside looking in.
In the face of Bitcoin’s regulatory setbacks last week, BTCC co-founder
Bobby Lee and Fundstrat Global Advisors
Tom Lee both went on record in recent days to forecast a turnaround in the fortunes of the largest cryptocurrency.
“When (Bitcoin) passes the US$60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion,” Bobby Lee wrote on Twitter yesterday, continuing: "That will be a huge (milestone) for (BTC), and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide."
Lee, Managing Partner and Head of Research at
Fundstrat, said that he “still think[s] it’s possible” that Bitcoin’s price could surge to as high as US$25,000 this year. Lee has based this assumption on the relationship between the price of BTC and BlackRock’s iShares MSCI Emerging Markets ETF, which tracks large and mid-sized companies in emerging markets.
The “important correlation,” according to Lee, lies in the fact that both markets are running somewhat parallel to each other, with both having “really essentially peaked” in early 2018, as well as “both [having been] in a downward trend” from then on.
