Bitcoin is rising very nicely as more and more companies and organisations are taking it much more seriously. Of course, the burning question is will it keep rising. It’s obvious that the first time it rallied like this it pulled back halfway – which is standard behaviour. As applications like Paypal have adopted the cryptocurrency it has moved from being something that those who are technically minded buy and hold to gaining great market appreciation.
I think the good thing about Bitcoin is that if it’s going to be hit by legislation and limitations it would have happened by now. Ripple however has suffered from the SEC ruling that it is a security and is fighting back.
Another factor in Bitcoin’s favour, of course, is that only so many will be mined. Eventually, there will be no more Bitcoin which means its price will only increase. When you have demand but low supply, prices go up. There are also the millions in BTC that are lost. People who’ve lost their wallet keys.
I am wondering, however, is if Ripple’s current support maybe because some exchanges have stopped transferring money out. The fact is though, the currency has found support at a higher level before it’s big manufactured rally.
My trading for today? My robot is short EURAUD at the moment from last night. I’m still holding XRP and adding more to BTC as we go along. I have faith in Ripple but I think it’s going to take some time to get out of trouble.
Charts courtesy of www.strobotultimate.com
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