Bitcoin Price Sees A Spectacular Increase in Its Value
An investor addicted to the world of internet must be familiar with the digital currency making rounds these days. Yes, we are talking about Bitcoin – the virtual banking currency that has created a massive buzz around the world. Bitcoin has become, yet again, the talk of the town. It has been brought back in news with a major surge in its value in the recent weeks. Despite Google deciding to impose a ban on all the ads promoting cryptocurrencies and being known as not a ‘safe mode of investment,’ Bitcoin is still riding high. So, what brings Bitcoin back under the limelight? Let’s find out.
Bitcoin price has seen a major price explosion, soaring the value of cryptocurrency to even greater levels than it experienced last year in 2017. It has surpassed its own level that had been set at a lower rate in the previous year.
For the first time since March, the bitcoin price has returned above $9000, seeing a rise by more than a third in value over the past two weeks. Now, this is something noteworthy.
While keeping you updated with cryptocurrency news, let us also shed some light on Bitcoin becoming the world’s most valuable cryptocurrency with a market cap of more than $150 billion albeit this value is still low compared to its peak value of around $320 billion last year.
Due to Bitcoin recent price resurgence, the values of other leading cryptocurrencies have also seen a major boost. To name a few, ethereum, ripple, and litecoin are the leading cryptocurrencies to have experienced a sudden push by bitcoin’s sudden increase in price.
Apart from them, bitcoin spin-off bitcoin cash has also experienced significant gains, doubling in value from $750 to $1500 in the last week.
It has been only two weeks since bitcoin rate has been increased. Looking at the current situation, some analysts also believed that the bitcoin bubble was on the verge of bursting. As it was being considered as an unsafe mode of investment by majority of investors, some of them were surprised to see a considerable change in its value in a short span of time.
Bitcoin saw a worst start in the beginning of 2018 with its price falling by more than $10,000 between the months of January and April.
The sudden crash occurred due to myriad factors, some of them including the tightening of cryptocurrency regulations in South Korea markets and a declining of interest from investors.
Bitcoin Value Predictions
At the time when April began, the bitcoin’s price was fluctuating around $6500. At that point, Michael Jackson, a bitcoin expert, told to several news agencies that bitcoin’s fortune was going to change and see a reversal. Since them, positive cryptocurrency news has started circulating around, leading optimism among business analysts who were responsible in predicting the latest price explosion in bitcoin.
Jackson, who is also the former COO of Skype said that regulators seem open-minded and are now working to eliminate the risks for consumers who’d be interested to make a bitcoin investment.
Other than Jackson, there were other predictions being made for bitcoin. Pantera Capital that said bitcoin will reach $20,000 by the end of this year while Fundstrat’s Thomas Lee’s predicted that bitcoin will rise as high as $25,000 in this year.
Another notable prediction for bitcoin value came from a prominent investor Tim Draper, who announced earlier in April that within the time period of next four years, a single bitcoin could be worth more than a quarter of a million dollars.
If we happen to believe in the recent news, we can anticipate a bright future for bitcoin or cryptocurrency for that matter. While the rate of bitcoin is soaring high, it’s the best time for investors to invest in this cryptocurrency, especially those who have a surplus amount of personal disposable income. Investing in cryptocurrencies could give them momentous gains as the value of bitcoin has the tendency to go up and also down swiftly.