This week the cryptocurrency market has been undergoing a strong bounce . It’s been encouraging to seen strength returning back to the market.
On Bitstamp, the bitcoin price rose as high as $3,955, though it failed to drive through the $4,000 level before retreating to a present value of $3,889.
Likewise, altcoins have seen a good push with Ripple rising 7.9 percent. Bitcoin Cash leaped to £146 dollars and EOS, the week’s top performer, surged 17.23 percent.
The recent rises have ran parallel to JPMorgan announcing it would launch its own cryptocurrency that was tied to the US dollar.
The largest US bank by assets said on Thursday that it had created and successfully tested a cryptocurrency (JPM Coin) that would have a value equivalent to one US dollar.
Whether this announcement had an impact on the recent strong crypto bounce, is debatable. CEO Brad Garlinghouse dismissed JPM Coin on Twitter.
JP Morgan announcement aside, the recent rally has been a welcome reprieve from the bear market. It’s been a long, cold crypto winter so to witness some solid gains reminds us of brighter days.
To wrap up, it’s early days and we should exercise caution about being too excited about recovery until btc moves through the physchological ceiling of $5000.