Bitcoin is reported to have set another all-time high. In particular, the exchange rate exceeded $4000 per 1BTC. At the same time, more and more experts start predicting another crash in the Bitcoin market.
For those of you who don’t know, since early August, Bitcoin has already gained 60%. Which is even more amazing, the world’s number-one cryptocurrency has quadrupled in value since early 2017.
At the same time, international experts are trying to figure out the price ceiling and the chances of another market crash after the rally. Another all-time record was set at $4482 per 1BTC. Given the fact that in early August Bitcoin cost around $2800, it’s safe to say that since then Bitcoin has already gained 60%, NordFX analysts report.
At this point, Bitcoin’s market capitalization is well over 467 billion, which is confirmed by the stats, courtesy of Coinmarketcap.com. As for the reasons why Bitcoin set another all-time price high, experts say that this is all about recognizing Bitcoin in South Korea, increased demand for Bitcoin in Japan, as well as successful renewal of the Bitcoin protocol on August 1st. Another reason for the recent BTC rally is the fact that international stock markets saw a drawdown because of a new round of tensions between the USA and North Korea.
When estimating the dynamics, experts are amazed at the fact that in early 2017 Bitcoin cost around $1000. At first sight, it seems that everything that’s going on around the world has been backing the growth of the world’s biggest and most popular crypto currency. Japan was the first country to recognize Bitcoin as an official payment means a couple of months ago. Now, South Korea has done the same. Over the past few days, Japan has been trading Bitcoin heavily. In fact, almost 50% of the global BTC turnover is denominated in the Japanese Yen while the U.S. Dollar accounts only for 25% of the turnover. The rest of the turnover is distributed between the Chinese Yuan and the South Korean Won.
At this point, Bitcoin is supported even by geopolitical tensions. Amid uncertainty in financial markets, investors are looking for alternatives. The recent press release by Goldman Sachs reads that it’s getting harder and harder for institutional investors to ignore the cryptocurrency. Some experts agree with that and make really brave predictions. They say that Bitcoin may skyrocket all the way up to $10K, especially as cryptocurrencies in general are expected to gain even more popularity worldwide.
At the same time, other experts seriously doubt the bright future of Bitcoin and other cryptocurrencies. They remind us that in 2011, there were 3 market bubbles in the market of Bitcoin, and all of them ended up with a market crash. That said, the entire history of Bitcoin is a roller-coaster with continuous ups and downs, mostly of speculative nature. Both the parties can reason their standpoint. Who will be right? Well, we’ll wait and see.
