Best month of the year for bitcoin – 33 percent up

Best month of the year for bitcoin – 33 percent up.

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Jan Granroth

jan.granroth@trijo.co

After a harsh winter, the spring finally seems to have reached bitcoin. The price has lately increased by 33 percent – a new monthly record.

After a strong 2017, bitcoin has seen a tough development since the top in December. However, in April bitcoin has been in a better mood with a rise to $9,244 constituting an increase of 33 percent compared to the low of $6,926. That means that April has been the best month of the year so far for bitcoin owners.

So far this year, both January and March came with price declines of up to 33 percent, from $13,860 on January 1st, to $10,166 on February 1st, as well as from $13,309 to less than $7,000 in March. Even though the prices significantly have recovered lately, the $10,000 threshold is still far away.

Futures market sees action

At the same time, it is important to keep in mind that bitcoin saw a tremendous price development in 2017, and as late as in January saw prices exceeding $17,000, even though already by February 1st, they had plummeted down towards half of it. The low of $6,000 was then followed by a steep increase, so the volatile nature of bitcoin is indeed still strong.

The bitcoin-related futures market has also seen a positive month, where trading volumes at the exchanges of CBOE and CME have increased considerably. On April 25th, 18,000 contracts were traded at CBOE, and 11,000 at CME, which constitutes almost double the average daily volume, Coindesk reports.

Future remains uncertain

As usual, experts are not in agreement regarding the future of bitcoin. Some time ago, Pantera Capital stated that we already have seen the bottom, whereas GP Bullhound, on the other hand, warns for a price collapse of up to 90 percent and annihilation of most of the crypto related businesses, as reported by Trijo News.

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