Bitcoin has been increasing consistently over the last seven days, to a currency price of $244.58. The last time we saw this price was before the crash where Bitcoin took a 40% dive in two days, which is discussed in the previous Market Summary.
We started this week with Bitcoin under $200, and has increased by approximately 25% over the duration of this week which I believe is due to one critical information of news: the Winklevoss Twins.
Gemini: Winklevoss Twins Exchange
The Twins originally got into Bitcoin in 2012 reportedly having $11 million in Bitcoin, and in 2013 announced they were seeking approval to get a Bitcoin Fund to be listed on NASDAQ, which would be publicly traded. They are back at it again with making Bitcoin mainstream and getting Wall Street on board as well with Gemini, the name of their exchange.
Gemini, Latin for Twins, is set to be an exchange run and financed by the Twins. This exchange that is configured to follow all guidelines in the US gives Bitcoin boost a huge boost in legitimacy. As more people feel comfortable with Bitcoin, usage comes more widespread, and price improves.
Demand for Bitcoin in Russia has skyrocketed this week, making new records once again according to data pulled from Localbitcoin which may also explain at least a little bit of the upward price movement we are going through right now.
On the following Monday, 1/26/15, we saw Bitcoin shoot up to break the $300 barrier, a impressive 22% increase in price within 24 hours. Of course, anyone that has been in the Bitcoin game for any amount of time is well aware of the volatility, which at some times can be impressive as shown by increasing 22%, can sometimes also crash drastically, like expressed last week.
Litecoin also has made a recovery this week, one that’s more drastic than Bitcoins. Increasing 25% alone today and increasing consistently over the last seven days means that Litecoin has risen in both price and market cap by over 30% this week which is a conservative estimate.
Altcoin Analysis and Final Notes
Dogecoin, NXT, Stellar and several other coins have been showing similar charts over this week, consistent and organic rebound which is a good sign for traders. While last week showed that what happens when Bitcoins price crashes down, this week is more display of what happens when Bitcoin’s price goes up. Other cryptocurrencies come along with Bitcoin and the general health of the economy increases as well.
While it seemed that the natural process the market was going to go next through was a recovery due to the fact we did go under the $200 mark. It’s a simple market patterns, when the price of something is low it’ll shoot back up eventually due to people buying back in. The Winklevoss Twins and there regulated exchange headlines came in at the right time. Lighthouse also launched earlier this week, so some people may be getting into Bitcoin to support a crowdfunding project in a decentralized function
What do you think about Gemini? Why do you think BItcoin is up this week? Let us know in the comments below!