Bitcoin made history earlier today when it hit the $2000 mark on exchanges. After starting the year at $1000, the price more than doubled in this year alone. Bitcoin hit a peak of $2025 earlier today, setting a brand new all time high.
Last week, the currency stalled at around the $1700 level after the market bounced back and forth between support and resistance. However, as the new week began, the bulls took over and boosted the price to new heights.
Some reasons why the price is exhibiting such momentum is due to the obvious growing interest of investors. Among the political turmoil caused by the Trump administration, along with growing adoption in Japan, it is evident Bitcoin is exhibiting the benefit of these events.
Furthermore, the negative forces that were affecting the market earlier this week such as the scaling debate and the impending SEC decision, seem to have been forgotten. While Bitcoin is suffering from major transaction backlog, that fact doesn’t seem to be discouraging investors into buying into the currency. In fact, it seems that the high fees only make Bitcoin more attractive because it makes the cryptocurrency look more exclusive and luxurious. While that may not necessarily be a positive thing, the price doesn’t lie.
Moreover, the upcoming SEC decision which will decide on the Winklevoss ETF application petition for review, is seemingly irrelevant to the market. While the first time the SEC denied the Bitcoin ETF application the price dove over $200 it seems that this time it will be different.
Mati Greenspan, Senior Market Analyst at eToro said:
“The $2,000 mark is a historical moment for Bitcoin. Landmark moments keep happening – the value jumped $500 in just two weeks. Bitcoin is gaining some serious momentum among investors on our platform, with 88% of Bitcoin traders still buying the asset.”
Assuming the buying volume remains steady, there is no reason why Bitcoin’s price won’t keep on rising. Furthermore, if the price rises to roughly $2900, we may see Bitcoin’s first bailout – MtGox. That’s right, if the price rises enough, MtGox’s 200,000 coins might just be worth enough to repay all of its creditors.
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mmmm mmmm Satoshi kool-aid!
tastes so good, I like the moon flavor myself
I’m gonna be the 1st and predict 100kUSD per 1BTC
you heard it here 1st
and Ethereum will hard fork and be worth 10kUSD per 1ether, but 3 copies of it
A little overly optimistic there, don’t ya think?
couldn’t resist
no harm meant
just don’t ever be like those Mesopotamian’s, partying with the gates open while someone dams the river
Tulip Bulbs……………..
sound like someone jealous because they missed the boat….RIGHT NOW I can cash my BTC in for more than 10K from strating with less then ONE K. That’s some $$$ kool aid buddy. tell you what, I’ll throw you a bone:
AS I have said last week when BTC was 1800 –
BTC value is increasing and LIFETIME mining contracts are a secure way to get DAILY
payouts without setting up your own equipment. Genesis-mining com has
existed since 2014 and has a valid reputation. Try them out
and buy a lifetime mining contractfor many different types of
cryptocurrency….WITH A DISCOUNT CODE: MTwaFf
With BTC’s value increasing massively, your cost for a mining contract
will become extremely valuable as time goes on. My discount code
gets you a discount when you use it!
MTwaFf is the DISCOUNT CODE!
AS I have said last week when BTC was 1800 –
BTC value is increasing and LIFETIME mining contracts are a secure way to get DAILY
payouts without setting up your own equipment. Genesis-mining com has
existed since 2014 and has a valid reputation. Try them out
and buy a lifetime mining contractfor many different types of
cryptocurrency….WITH A DISCOUNT CODE: MTwaFf
With BTC’s value increasing massively, your cost for a mining contract
will become extremely valuable as time goes on. My discount code
gets you a discount when you use it!
MTwaFf is the DISCOUNT CODE!!
I’ve held BTC since early last year and been preaching the word so to speak
but
the sarcasm was an attempt to be fun while humbling the crowd,
nothing goes up forever and people do stupid things like tell family and friends to buy buy buy then it retraces 30% or something normal and all the blame games start with “The market is rigged!” or “the governments/banks are playing games!”
in other words being a voice of reason is never welcome so I expect some negativity, but we still need voices of reason and I’m just not hearing many
go BTC
Lifetime only extends to the time period where it is profitable for Genesis to continue to mine on your purchased hashing power. Once BTC mining difficulty exceeds their profit margin, the customer’s lifetime expires. Miners selling their hashing power are doing one thing, maximizing their profits by subsidizing their short term costs with pie in the sky. There is no ROI. They are not in the business of making you money.
Selling shovels and pans to Gold Miners looking to strike it rich.
I think you’re right this whole bitcoin thing is gonna go “pop”.
My guess is when it reaches 250k…
incorrect – lifetime extends AS LONG AS YOU CAN PAY THE MAINTENANCE FEE which NEVER CHANGES and is established up-front in the contract. BTC value is way too high, so it maintains profitability.
LOL yeah right….good luck to you and your “investments”
Good luck with that.
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