Bitcoin surges by 1.32% in 5 minutes

JP Morgan Says Bitcoin is a Commodity, and it has surpassed its intrinsic value

The cryptocurrency market is trying to retain its strength after a slight fall during the weekend. Bitcoin has been able to initiate a break above $8,000 level today, and the market seems quite prolific with a great start ahead of the week.

Analysts are yet to shelve their claim that the market is still much inclined to the bullish side as Bitcoin closed its weekly candle strong with no losses or gains.

At the moment, Bitcoin is priced $7,898.51 against USD on CoinMarketCap with -1.63% value change in the last 24 hours. However, earlier today, Bitcoin surpassed the $8,200 psychological support, and was succeeded by a slight plummet even though there are signs a recoil power is imminent.

With the present trend the crypto king is maintaining in the market, CoinNess reported that BTC witnessed a remarkable sharp surge within a short time.

The Market Index on CoinNess revealed that BTC spiked by 1.32% within 5 minutes. This shows that we are likely not going to bottom again as Bitcoin still possesses bull power.

JP Morgan Says Bitcoin is a Commodity

After showing much interest in blockchain technology, JP Morgan dropped its comment on the present trend maintained by the Bitcoin in the market.

JP Morgan Chase & Co. analysts said the leading crypto is already surpassing “intrinsic value” calculated. According to Bloomberg, the analysts averred that due to the calculated cost of production of the digital currency which includes hardware energy efficiency, computational power and electricity expense, Bitcoin can been regarded as a commodity.

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices,” JP Morgan analyst said on Friday.

Nevertheless, the JP Morgan analysts joined a number of individuals who believes another bull is around the corner. The bank said after a long bearish period which dipped the price of Bitcoin to $3,100 in 2018, the cryptocurrency is making another strong rally towards the upside part of the market in a pattern similar to 2017 boom.