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Bitcoin – The surge goes on

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Crypto rally continues to amaze

It seems like only cryptocurrencies can experience the kind of rally that we’re currently seeing with bitcoin up almost 40% in just under a week and more than 200% since early April.

Bitcoin Daily Chart

Source – Thomson Reuters Eikon

Any suggestion that the space has matured over the last 18 months and that this rally would be different has clearly been cast aside, with this showing no signs of easing up.

While I understand the excitement for the community that a company like Facebook, backed by other big names, has launched its own coin, this just feels a lot like last time and we all know what happened then.

Perhaps this time the drop off won’t be so bad as we are seeing more mainstream adoption but it may be naive to think that it can’t come crashing down again.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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