It is surprising not to hear more about Bitcoin in the mainstream media as no other asset has performed better over the last three years in the world. It has reach new heights after an eight week BTC rally which has seen the price of Bitcoin go over the $2,500 barrier. Due to the rapid growth many fear that it is a bubble like we have experience before but others are saying it is just the start and it could go over the $4,000 mark by the end of 2017.
It is hoped that this time around the bubble will not pop as it could have an adverse effect on bringing in new investors with deep pockets. It is not just BTC that has experienced rapid growth in 2017 as many other cryptocurrency have seen their prices rise by over a 1,00-%. With Asia welcoming the new digital currency and new laws passed in Japan making it legal tender it has seen a rush in the region to buy Bitcoins.
Cryptocurrencies tend to follow rapid boom and bust cycles due to the market cap not presently being large enough to soften the blow when large withdrawals take place. If it continues to grow at it current pace though it will not be too long before this problem is solved and it will take a major incident to bring the price falling back down. It is presently seen as a high risk investment but with the returns it is currently achieving along with being a great hedge against the financial system collapsing, the rally will continue until this is fully resolved.
Many investors are now looking out for the next big cryptocurrency and in June that was SysCoin. It was the first on Lighting Network and after a rally to start with the price quickly dropped. Will Bitcoin be the first crypto to go against the grain and not fall back this time around? Read the below article from cointelegraph to find out more.
Bitcoin price is headed towards $2,600 as of Monday as a week of sustained growth reverses losses from the last week of May. Altcoins broadly followed suit, the top 10 adding up to eight percent in the 24 hours to press time on the back of Bitcoin’s steady upward […]