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Bitcoin Closes on Best Month of 2018

Bitcoin Closes on Best Month of 2018

in Bitcoin & Cryptocurrency published on 2, May 2018

Bitcoin has enjoyed strong trading in April, marking its strongest performance for a single month in 2018 so far.

Bitcoin is up 33% against the US dollar in April, with the world’s leading cryptocurrency continuing to attract interest from new and institutional investors alike. At the start of May, bitcoin prices had risen to $9,244.32, up from $6,926.02 at the beginning of April.

The growth in value is only the second month in 2018 that bitcoin has increased overall, and represents the largest increase of either of those occasions. Despite falling in January and again in March, cryptocurrency markets picked up again in February, where it started the month at $10,166.

Despite a sell-off at the start of March, which saw prices plunge to a fraction less than $7,000, prices broke $10,000 again before settling closer to current levels.

Nevertheless, with strong trading results posted from April, some analysts are now predicting bitcoin has turned the corner.

There was a strong growth in transactional volume over the period, which was up as much as 93% on the month, with off-chain transactions increasing by a factor of 95% over the same period.

Bitcoin futures also saw similar increases in trading, according to figures from exchanges CBOE and CME. At CBOE alone, there were as many as 18,000 bitcoin futures traded on April 25, while CME reported double its usual volume on the same day, at 11,000 contracts traded.

At the time of writing, a single bitcoin was priced at a little over $9,123. Bullish analysts are now projecting bitcoin could push towards the symbolic $10,000 mark, and even beyond, for what would be the first time since the middle of March.

With May already underway and reflecting further positive momentum, few would bet against a further recovery in the present month.

It comes at a time of increasing interest in bitcoin and blockchain technology, following strong trading over the last few months of 2017.

While the market has since corrected to some degree, down from highs near $20,000, the momentum appears to have returned to the buy side, as investors becoming increasingly bullish about bitcoin’s future.