While Bitcoin price is experiencing a new growth after the almost 50% drop from its all-time high, a few analysts of the crypto market suggest that bitcoin price at $4000 is in the air.
And this moment seems to come sooner than expected.
“When added to the professed agreement for major players to work together on the Bitcoin scaling issue starting September – if it becomes a reality, the price could see between $4,000 and $5,000 before the year ends,” said an expert to Cointelegraph.
2017 has been a good year for bitcoin price, as it traded at about $950 back in January and it reached its new all-time high a few months ago in June with a value of $3011: this means that bitcoin price grew of more than 3000% in a six-months period.
Compared to the all-time high we quoted above, the current price decrease is maybe due to the uncertainty around the upcoming SegWit activation that will take place on August 1st, 2017.
For those who are unfamiliar with this, SegWit is a new upgrade to the Bitcoin blockchain that will increase the block size to support more transactions and allow a faster confirmation for transactions.
At the moment, the blockchain supports up to 2000 transactions per block in 10 minutes and SegWit will double this capacity to 4000 transactions.
Also, Segwit2x will increase the size of each block from 1MB to 2MB.
SegWit will be implemented on August 1s, while it is not sure yet if Segwit2x will be implemented too.
That said, the real reason of uncertainty is caused by the hard fork needed to implement SegWit.
This might create two different chains in a similar way to what happened to Ethereum in 2016 with the DAO and Ethereum Classic.
According to many experts in the industry, while this event might create panic sell and uncertainty within the community, will not be a real problem in the next future.
Kumar Gaurav of Cashaa explained to Cointelegraph:
“When looking at 2017 so far, it still has been a good year for Bitcoin, starting just below 1000$ and now standing just below $2,000. Whether and to which extent this overall trend will continue will be seen more clearly after some crucial dates such as 1st August. If 80% of the Bitcoin community adopts the updates all should be fine. It seems most likely this will be reached, as the current signaling of intended support is at 87.8 percent, an increase from 83.28 percent in May. Comparable to when in May, following the New York agreement on SegWit2x, Bitcoin reached an all-time high of $2,160, it can reach new all-time highs after a successful activation as Bitcoin will be more attractive again and bring users of other cryptocurrencies back to Bitcoin.”
Another reason that might be influenced the price is the growing number of Bitcoin-based ICOs or Initial Coin Offerings.
ICOs managers might have cashed out during those days and this drove the prices because a huge amount of bitcoin appeared on the market.
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After reaching a value of $1,840, Bitcoin price is currently stable around $1,820 while I’m writing this article.
The recent growth of the Bitcoin price seems to be affected by President Trump administration and the economic uncertainty of the US.
Or, at least, this is a theory shared on Cointelegraph.
From the first day of his presidency, Trump indirectly influenced bitcoin price through his dubious politics.
Also, Bloomberg reported that the major American stock indexes experienced their worst performance in eight months while the richest billionaires lost $35 billion because of the Trump’s turmoil.
For example, Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg lost almost $4 bln due to the Dow Jones Industrial Average drop of more than 370 points.
Evercore ISI Executive Dennis DeBusschere explained to Bloomberg:
“What has been setting in over the course of the day is that political uncertainty is something that’s likely going to be with us for a significant amount of time. We may be looking at a higher volatility backdrop with a trending lower market for the next couple of months.”
So, during this period of financial uncertainty, investors decided to protect their wealth by investing in bitcoin and gold.
Gold gained around 1.9% and Bitcoin price recorded a 7% growth, almost reaching its current all-time high price of $1,868.
This way, bitcoin seems to become a safe-heaven, with a growing number of investors.
As explained by Cointelegraph, a $10,000 investment in gold back in 2010 would have led to a loss of $20, while a $10,000 investment in Bitcoin would have led to a net gain of $200 mln.
So, investors started to trust Bitcoin, that is considered similar to digital gold, in order to avoid market instability and economic uncertainty.
The US market will struggle to recover during the next few weeks, so Bitcoin price is likely to maintain its upward trend and potentially it will set a new all-time high.
The rise in bitcoin demand within the US is clear and recently the US Bitcoin exchange market passed the Japanese one for the first time in 2017, at least for their trading volume.
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According to the Coindesk Price Index (CPI) Bitcoin price has reached a new goal, as it is one month that its value is above $1000.
The digital currency remained above this value despite any situation as the refusal of the bitcoin ETF related proposal by Cameron and Tyler Winklevoss, and the current debate over how to address the bitcoin’s technical limitations.
It was February 14th – is it a coincidence or a sign of destiny that this happened on the Valentine’s day? – when Bitcoin price first hit $1000, so yesterday (March 14th) it was one month above this price.
During this month, bitcoin reached its all time high, reaching a value of $1,300. Experts argued that this higher price was a consequence of the hope in the bitcoin ETF approval.
But, if it is true that right after the SEC negative decision, the bitcoin price fell of about 30% ($from 1209 to $1022), it quickly rose again and at press time bitcoin is trading at $1256, so more than 25% above $1000.
As explained by Andreas Antonopoulos on his official Twitter profile:
“If you measure bitcoin’s success by the approval of the incumbent and obsolete industry it replaces, you’re doing it wrong”.
Also, currently a few altcoins such as Ether, Dash, Zcash and more are experiencing new highs.
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Bitcoin prices are growing more than 3% since yesterday, trading above $950 for the first time in a few weeks.
The average price yesterday reached a high of $959.37 from an open of $920.24, according to the CoinDesk Bitcoin Price Index (BPI). This chart shows that the Bitcoin prices haven’t passed $950 for a month, since January 6th 2017, to be more exact.
This Bitcoin prices growth above $950 came after a few days of a almost steady trading, in which the price of bitcoin ranged between roughly $910 and $922, according to trading data.
At the moment, the Bitcoin Prices are between $950 and $970 with a medium rate of volatility.
Chinese markets have climbed about 11%, reaching a high of ¥6,629.34.
Currently the price is about ¥6,608.70 and it represents a growth of 10.7% above yesterday’s open of ¥5,961.77.
This move comes after a big news in the worldwide exchange landscape, as major bourses in China moved to add trading fees.
This is the reason why volumes moved to the remaining markets without any fees.
Anyway, experts now discuss that this trend will have a short life as those exchanges will also add fees of their own for sure in the next future.
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The Bitcoin price today keeps growing up over the value of $750.
This is the sixth time that bitcoin price breaches $750 since mid-November, as revealed by the CoinDesk USD Bitcoin Price Index.
Bitcoin was subject to much volatility during a low trading volume, as CoinMarketCap data showed that during the session, the 24-hour trading volume was roughly $90 million.
This was a lower trading activity compared to last month, when it reached $174 million on November 3rd and $173 million on November 17th.
The digital currency price passed the $750 value several times during November.
The Bitcoin price first breached $750 on 17th November, maintaining this level for a short time, then moving back to a lower value even under $ 700.
Also, it is important to remember that the bitcoin price today exceeded $750 and it did the same many times recently, but it never breached $755 during the last few weeks.
In India the bitcoin price exploded and last week it reached almost $1000 as the country tried to exchange value via Zebpay and Unocoin.
According to Coindesk, the bitcoin price today also reached a growing value of Eur 724, and
2016 has been a great year for Bitcoin. For example, scalability innovations like Segregated Witness have been introduced to the Bitcoin community, many positive Blockchain tests have taken place and many new markets have turned to Bitcoin as a new method of payment.
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The bitcoin price is currently trading at $750, its highest level in five months.
At the moment, bitcoin price rose by about 2%, and by $50 since this Monday.
Recently we said that the election of the 45th U.S.A. President Donald Trump might be one of the reasons behindthis bitcoin Price growth.
Earlier this week the bitcoin price grow of about $30 in just one hour, and now bitcoin is approaching the 2016 high it reached in June, when the price was at $764.
At that time, bitcoin price was growing mainly due to the halving event, as experts explained that it has a key role in the growth of demand, as it reduces the block reward by 50%.
Conversely, this time the bitcoin price growth is not attributable to a single cause.
Recently, bitcoin has been enjoying bullish feelings among its avid traders, and there are a few signs that its recent ascent might have been drived by foreign market forces.
For example, India has recently experienced a ban on certain denominations of banknotes, a development that local bitcoin companies claim has supported business, though public data platforms (including LocalBitcoins) explain the effects are not so clear.
In fact, on the Indian exchange Unocoin, one bitcoin traded for 61,688 India rupees, or more than $900, an event that boosts claims of strong local demand.
Another reason why the price is growing could be the devaluation of China’s yuan, as it is falling down this week.
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America has its 45th President today and several bitcoin investors and analysts believe that with Donald Trump Bitcoin price could grow, as its presidency could provide a boost to bitcoin prices.
Analysts explained that even if Bitcoin markets would not see any significant change from Clinton’s election, instead Trump could impact worldwide investors, so traders agree that Donald Trump will be a good thing for bitcoin business.
Jacob Eliosoff commented:
“I think a Trump presidency would be great for bitcoin, much like nuclear war would be great for bitcoin. It would be an epic disaster in a bunch of respects – economic, geopolitical, democratic – and in the fear and chaos bitcoin would be a defensive asset people could turn to.”
If Hillary Clinton won, experts have suggested that she would be a boom for the blockchain markets, given her open embrace of the tech as part of her innovation platform. Previously, in fact, she suggested she would use the distributed ledger.
The Donald Trump Bitcoin Effect
Donald Trump hasn’t put bitcoin on his agenda yet, but he defined himself as a “Washington outsider”, so traders believe that he lead to uncertainty and move towards alternative assets.
This might create just a temporary increase in bitcoin prices, but it might have a little lasting effect.
In fact, ARK Invest‘s Chris Burniske underlined that bitcoin can be useful in unpredictable times like this, and the election could add evidence to this claim.
“The way in which its price movement is uncorrelated from other capital market assets may be a desirable characteristic for many investors in the face of uncertainty. Depending on how people feel about the election, they may choose to hedge themselves from the more traditional markets by using bitcoin.”
So, in a few words, if bitcoin benefits from the election result, don’t give Trump too much credit for that, any other cataclysm would have done the same.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.