Another Rise for Bitcoin Price is Coming!

In News
Bitcoin Price

Exciting news about Bitcoin and cryptocurrency just keeps on coming!

What is the big fuzz about, you say? It is all about Bitcoins nearing its highest selling price (would this not excite you?) Financial experts are on the lookout on the thrust of Bitcoins.

We are now seeing the massive possibilities of what cryptocurrency can give us and on how it will change the business behavior of a lot of people.

Although Bitcoins’ volatility remains to be a worthwhile debate, it is no doubt that the momentum of Bitcoin is unquestionable.

For now, what we have to do is maintain the positive vibe Bitcoins is giving us.

With $5000 Bitcoin Price in Sight, What’s To Come for Altcoins?

The proposed split later this month is definitely a major factor that is pushing the Bitcoin price up. As at the time of this writing, the Bitcoin price has almost reached $5000. Going by about $500 added to its price in two days this week, reaching the $5000 all-time high seems like nothing but just a step.

However, while that seems like good news for many Bitcoin enthusiasts, those in the altcoin camp are not really happy. Or so it seems.

Panic selling Altcoins

Though the head of an altcoin whose volume recorded a spike at the same time differs, many people have been panic selling their altcoins for Bitcoin reportedly for the Bitcoin Gold and Segwit2x forks.

ADK’s Ricardo Badoer notes that credible altcoin projects need not worry every time the Bitcoin price rises. He adds that the ability of an altcoin to apply the right strategy in their business approach should be key to always give them a clear picture of what they want and how to work towards it.

Shorting altcoins

The evidence that some users have been shorting alts to get the Bitcoin Gold airdrop is getting stronger. Others reportedly sell at a loss to get themselves ready for what is to come as Bitcoin price continue its appreciation.

The fact that, in some cases, users are selling altcoins despite knowing full well that some of them are hugely undervalued now points to a planned buyback in a couple days at a reduced rate. That is if the rising price of Bitcoin stalls for several altcoins to regain some strength. Otherwise, the alternative currencies’ bleeding may continue for as long as Bitcoin is doing well.

It is clear that once – and when – its price does hit $5,000, the media will take a different twist to Bitcoin’s rise. This could make it pick up in new markets and the publicity generated by the spike will push the price a little higher.

Herd is coming

Unless the effect of the October 25 fork hurts the market really bad, the uptake in the price of Bitcoin will keep on moving. The words of analysts like hedge fund legend, Mike Novogratz, who describes Bitcoin as a symbol of decentralized revolution and digital gold with a store of value, add credence to this view.

Novogratz’s take in an interview with CNBC that Bitcoin could touch the $10,000 price mark between now and August 2018 did not come as a surprise.

He says:

“The one thing I’ve realized recently is I can hear the herd coming. I was just in San Francisco with a few big institution investors, they are still a ways away but they are coming. Lots of funds are being raised. I’m pretty confident to say it is going higher. You know, the hard part of this mania – I think this would be a real mania – is we have to have a lot of imagination on where things could go. So often we set ourselves our own limitation by putting a price level on it. It would not surprise me if in the next six to ten months, we are over $10000.”

Meanwhile, the financial analyst Tom Lee is making his case for a $25,000 Bitcoin.

Via Cointelegraph


You may also read!

Giant Companies

Increasing Competition In Telecom And Cable Industries Threaten Giant Companies

Major players in the telecom and cable industries are worried about the rising competition contributed by smaller competitors. It

Read More...
Freedom of Speech

African Government Blocks Freedom of Speech and Net Neutrality

Is the African government blocking their citizens’ freedom of speech and the right to enjoy net neutrality? Having the

Read More...
Blockchain Technology

Big Bank Chooses The Power Of Blockchain Technology

Martin Schroeter, Senior Vice President of IBM Global Markets, mentioned in an interview how their blockchain business is being

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu