The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Looking at the charts from Coin360.com, it’s evident that the leading tokens are on the rise showing green following the recent dip.
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After a run of growing price spikes, Bitcoin saw a correction in its value last week, dropping from $13,796.49 to $9,737.88 in less than seven days. Despite the drop in price, however, Bitcoin has been regaining slowly to see $11,297.06 from a 24 hour low. This is a whopping 12.77% increase in daily trading returns. If the token can maintain its trajectory with modest corrections, it might be that the crypto summer is to be a profitable one for traders.
Ethereum price, which often follows the trend of the leading Bitcoin, is showing modest gains with a 5.70% increase in price. Over the past 24 hours of trading, the leading altcoin saw its low point at $272.60 and then gained almost $90 to see a 24-hour high of $361.40. Like Bitcoin, this gain came after a dip in price following the recent major surge.
To the next all-time high?
As Bitcoin was rising quickly, cryptocurrency advisor and trader Josh Rager tweeted that we need to see the pullbacks and corrections in order to hit the next all-time high:
$BTC 30%+ pullback coming?
Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak ATH
There were at least nine 30%+ pullbacks from last cycle accumulation & uptrend
Plenty of buying opportunities ahead, don’t let it shake you pic.twitter.com/fMnhKzlpA8
— Josh Rager ? (@Josh_Rager) May 22, 2019
Given this point, the dips in between Bitcoin and the cryptocurrency market gaining value could be the best thing the cryptocurrency market could see.