Bitcoin price crossed the $4,500 mark for the first time in 2019 after jumping about 16% within one hour in the morning of Tuesday, 2 April 2019. The jump saw Bitcoin price reach $4,882 before retracing to just below $4,700 as at the time of writing.
This is a kind of upward Bitcoin price movement has been rare in the past few months. As a matter of fact, the last time Bitcoin price traded at this level was in November 2018. Whether this would signify the beginning of an extended uptrend remains to be seen.
Fast movements in price like this are characteristic of Bitcoin and cryptocurrencies. The volatility in the markets have attracted varying opinions from different classes of users in the industry. While some see it as a risk and disadvantage to the industry, there are those who see an enormous opportunity in the potentials of a fast moving market.
A fundamental factor for investors or anyone who seeks to participate in such industry is the ability to take control of one’s own processes. No matter how volatile the Bitcoin prices and cryptocurrencies may appear, being able to manage your portfolio effectively without stress removes all the pressure and ensures proper risk management.
Apart from Bitcoin, several other cryptocurrencies also achieved significant increase in price within the same period, with each of the top ten cryptocurrencies gaining over 10% in value. Such behaviour has been characteristic of the cryptocurrency market until the slowdown after the 2018 price slump. Could it be that volatility is back or another uptrend is about to resume?
In terms of prediction, Q2 2019 was pointed out by many as the period of recovery for the cryptocurrency market. These predictions revolved around different factors that cut across various philosophies.
Some experts forecast that the product launch and release of many of the ICOs that have been working away in project development will reintroduce some vigour into the market. Others believe that this period will see regulatory decisions that will take away the existing uncertainty and panic that is currently existing in the market.
None of the above scenarios may have been the reason for the significant jump in price. However, we have just entered the much awaited Q2 2019 period. It is time to tighten our seatbelts and adjust properly for what could be an interesting flight into the future.
The following 5 considerations are crucial considerations when purchasing cryptocurrencies:
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