The Bitcoin price decline is not any latest update to the crypto readers and crypto enthusiasts. However, now with the tax season over, people are looking forward for the Bitcoin prices to pick up. Actually, the bitcoin prices are now stabilizing as the tax day imprints are fading. The same applies for other cryptocurrencies as well, Ethereum, Ripple, EOS.
- Bitcoin is up 21.80%
- Ethereum is up 39.36%
- Ripple is up 40.89%
- EOS 51.84%
7d Price Change For Major Cryptocurrencies
Insights show that only 1 out of 100 cryptocurrencies dropped, while the other 99 rose.
Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks
“The fundamentals have not changed. A large portion of the crypto market value is reflective of the real innovations happening around the world. Although investor confidence will sometimes falter, long term growth across the market will continue if you zoom out far enough. I’m very bullish for 2018.”
“In recent months, volatility masked the rising average intrinsic value of the top coins gained during the 4Q17 boom. All it took was a few events like Cambridge Analytica and an FBI raid to spur reversion to the (rising) mean. Advances like Lightning Network and other second layer tech will just keep those intrinsic value gains coming.”
However, Shidan Gouran seems skeptical about the cryptocurrencies rallying up.
“The recent upward swing in cryptocurrencies is an apparent symptom of tax season,” says Gouran. “It all follows a pretty logical pattern; people got their paychecks for the end of March, paid their bills, and realized they would need to have a certain amount of funds handy to pay their taxes – which many crypto traders will owe. If they’ll come up short, they need to sell off some of their cryptocurrencies to pay their taxes.
Hence, the big drop at the beginning of April, which was likely because of an excess of supply. Now that we’re less than a week away from the April 17th deadline for US taxes, most people will know if they’re getting a refund (or may even have gotten it already).“
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