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Cryptocurrency bounces back, total value up by $7B

Just when naysayers predicted a bleak future for cryptocurrency, it came back strong Tuesday afternoon virtually erasing losses incurred in the previous trading. Leading cryptocurrency bitcoin finished at a formidable $3,800, a 3.7% spike from Monday’s session.

This crypto comeback is not limited to bitcoin alone. Litecoin, for example, registered a huge 12% rally putting its value back to $50 territory. This trend continued throughout the crypto plane. By the end of Tuesday’s trading, cryptocurrencies saw a massive $7 billion surge bringing the total value to over $132 billion. This according to cryptocurrency data authority, CoinMarketCap.

Big rally soon
With most cryptocurrencies finishing strong, industry insiders are predicting an even bigger rally and soon. Crypto and Blockchain expert Billy Bambrough said as much on his article which was published on forbes.com last month. According to Bambrough, long-time bitcoin bull Mike Novogratz, founder of Galaxy Digital Holdings, has predicted institutional money should start to flow into cryptocurrencies within the next year. He expects that this will trigger the next bitcoin price rally. Novogratz is not alone in this belief. On the same article, Bambrough names Digital Currency Group and Grayscale Investments, a major player in the cryptocurrency market, as “yet another bitcoin bull that predicts the next bitcoin bull run could be just around the corner.” Bambrough cites Digital Currency Group Chief Executive Barry Silbert’s interview on CNBC. In it, Silbert declares his confidence in this impending cryptocurrency run. “I’m as bullish as I’ve ever been,” Silbert says.

FUD is still very real
For now, the cryptocurrency market players revel at the surge. And rightly so. With most cryptocurrencies rebounding to a solid 3% and upwards, they have a compelling reason to celebrate. Whether this bullish streak will continue as insiders predict or not, however, is a different story.

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Written by Lea Reyes

Lea Sicat Reyes is a freelance journalist based in Negros Oriental, Philippines. She has held various teaching and writing posts since 2005. Currently, she is a school administrator for a local middle school and is a columnist and editor for the Negros Chronicle.

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