Top cryptocurrency Bitcoin (BTC) is going to record its first green monthly candle since July 2018. The six consecutive months of losses were the longest streak since 2014 when it lasted five months. If the Bitcoin price persists above the $3414 mark by the end of February, there will be a positive month recorded.
According to CoinMarketCap data, Bitcoin is trading around $3925.35 at the time of our post, which brings it to a 5.02% gain on the week.
“Bitcoin is working on its first green monthly candle since July 2018. The past 6 months Bitcoin has seen red on a monthly basis, a break and close below $3413 will continue the red monthly trend,”—cryptocurrency trader Josh Rager commented on his twitter.
There are several reasons for today’s Bitcoin growth, Forbes informs. Among them, the fact that the Bitcoin price had been oversold and experts were agreed that the streak of losses may end soon. Bitcoin’s price closes above the $3405-level which is the opening price of this month, and the sell-off pressure reduces providing more stability.
Ethereum (ETH) also appears as a stabilizing factor. The second biggest coin price has stayed above $100 which is critical for the price of Bitcoin as Ethereum is the most broadly used protocol by enterprises. Ethereum has seen consistent growth over its 7-day chart and the strongest 24-hour growth among the top 50 coins by market cap, rising close to 7.36% on the day to trade at roughly $147.66.
Forbes also notes, that there are two business changes that affect Bitcoin: the Japanese Amazon Rakuten is considering accepting cryptocurrencies as a form of payment, and Argentina announced that they are going to accept Bitcoin payments for goods sold to Paraguay.
Bitcoin is a consensus network that enables a new payment system and a cryptocurrency. It is a decentralized digital currency that can be sent from user to user on the peer-to-peer Bitcoin network without the need of central authority. The Bitcoin Whitepaper was published on October 31st, 2008, by an individual or group of individuals operating under the pseudonym “Satoshi Nakamoto”. The bitcoin has high price volatility and has reached its highest average price on December 7th, 2017 at $19783 per Bitcoin.