Bitcoin (BTC) Price Skys Past $6,400, Gains $500 USD in 24 Hours
Under the Friday night lights, Bitcoin has went on a tear going from from a low of about $5,815 all the way up to a high of $6,461 and currently residing just under $6,400.
It really is no shock or surprise because if anyone is studying the space and industry (like we are) you can see a clear cut picture of how much “innovation” is forming behind the scenes on so many fronts with so much potential entering the space.
Our internal guess is the ride we all saw at $8,000 to $19,800 in 3 weeks back from Thanksgiving to Christmas time, we will see that kind of run behind Bitcoin and it will likely not stop there as the next wave of money to enter the space will likely not be end consumers but institutional investors and ‘whales' waiting on the sidelines for regulation clarity and understanding.
Let's go over some of the top reasons why Bitcoin is still primed for a bull run no matter how low we have gone in 2018.
BTC Has Not Lost Its Way – Its Only Just Begun
Bitcoin has pushed through its major loss of worth in 2018 and is now looking as though it could get worst before it gets better. It’s now leaving investors hanging on by a thread for reasons that the top cryptocurrency investors of the world can’t figure out. Why is the giant of the industry falling so everyone is wondering – is this potentially the end of Bitcoin?
What’s Happened to Bitcoin?
Has the major giant lost its way? Interest in Bitcoin as well as other general cryptocurrencies hit a hard-high back in December of 2017, when the mainstream media decided to provide major coverage of the out of this world rise which occurred, sky rocketing the cryptocurrency to around $20,000. But since then has lost a majority of its momentum as the prices of the coin start to plummet.
Even though the cryptocurrency continues to appear across mainstream media platforms, still considered to be in the spotlight on an every day basis, the main focus of the currency has been moved to the declining price of the cryptocurrency king along with the speculation on exactly ho the cryptocurrency king could go. It’s caused a lot of speculation on exactly how far the price of the cryptocurrency will drop. It’s caused a lot of estimations on how low the cryptocurrency will drop.
It’s also caused the many specialists, analysts, commentators, experts and investors to guess: Is BTC finally hitting rock bottom? Will the crypto king fall of the face of the planet completely? Or will we see a new rise of the king of crypto like we did back in the fall of 2017, as some of the experts are predicting?
Ineffective Means of Exchange
It’s most likely the only thing negative the writer can say that has any truth to it. Because as much as Bitcoin is loved, you also need to be realistic. And at the height of Bitcoin Mania, it’s taken hours, possibly days to confirm many transactions.
As if this was not bad enough, the long transaction times, were higher than ever – fees were topping at rates that knocked investors off their seats. In fact, during this period of time, some people were dropping an astounding $20, $30 or even $50 USD or more to transfer BTC exchanges. With an average size of 250 bytes per exchange, that comes out to as much $0.20 per byte. And it’s due to this that BTC is considered ill-equipped for the average day to day transactions that are much smaller, like those of the expensive off-site cups of coffee.
The state of BTC today is an environment that is much different now, with something the writer at Forbes forgot to mention. With SegWit listing nearly 38% adoption in the last few weeks and the Lightning Network expanding to as many as 2600 nodes and more than 5300 channels, Bitcoin transaction time tables and costs are being dropped at significant rates. They are in fact going for as low as $0.04 for a $300 million dollar confirmed transaction.
That means while this argument could be true at some level, with solutions like Lightning Network and SegWit are seeing increased adoptions for Bitcoin, which is mostly likely going to rise as well.
Regulations are Making things Harder For Government Wealth
Whatever people are calling experts or officials are now turning heads, with people starting to portray Bitcoin as Evil, one argument even stated that they never fail to get bounced out like people used to see them used. Instead people are hiding money with Bitcoin from their governments. The main arguments is of course in regard to the way Segues are used, with “Bitcoin is cryptocurrency of preference for criminals and Very Bad People”.
BTC wasn’t exactly designed to keep wealth from the government. It’s actually designed to allow people to control their personal wealth. There’s a major difference, basically if anonymous users have a major concern, there are more privacy focused cryptocurrencies in the world. BTC is not exactly anonymous. It’s actually one of the world’s most tracked cryptocurrencies, growing more and more day by day.
It’s also important with all these developments, Bitcoin is still looked at as one of the many cryptocurrency culprits, often looked at as a criminal organization. They’ve been reported to commit salacious crimes committed involving Bitcoin which is being plastered all over the web. The truth is more vast than anyone can imagine in fact, with a main amount of them being BTC transactions that are non-criminal by nature.
ICOS Are Facing Increased Government Scrutiny = Less Demand for Bitcoin
Out of all writers who wrote about this topic, one of the major questions that grasped people over the internet. And in the article, it states:
There was a window where access to Initial Coin Offerings created a new need to own Bitcoin, but that has slowed as ICO’s have come under intense scrutiny.
What it boils down to is he is making claiming that due to ICOs who have been under fire, investors have slowed their work along with interest for the new startups. Therefore, everything has slowed, which has in turned to less demand for Bitcoin. While it’s true that the governments all over the world have been breaking down ICOs, but even with that happening, interest in several projects are still flourishing. According to ICOdata, in the first half year of 2018, has seen more than 180 ICOs launched with more than $5.7 in USD raised, compared to the $6.1 billion raised in the whole year of 2017.
I wouldn’t exactly call that a declining interest.
The kicker of the argument is the assertion that there isn’t a demand for BTC as a result of the growing publicity of ICOs. Even though BTC is accepted by many ICOs, the major currency desired is Ether bitch. The regulations set into place by the governments, on ICOs is seriously making drastic changes that effect the price of Bitcoin (doesn’t everything these days?) but it’s not much in demand.
How Can BTC Comeback to All Time Highs Near $20K?
Several of the newer people in the cryptocurrency space have bought Bitcoin during the major run which as caused some horrible results. This was totally expected. And no asset increases 20x or less than one full year that hasn’t been coming back down at some point. The major correction is going to be happening soon.
BTC can – and will – rebound. In terms of tech, nothing has made major changes. Bitcoin is still one of the most attractive currencies because of aspects it holds that others don’t, just as it did one full year ago, except for holding lower fees. Anyone buying can still speculate on it, send payments all over the world, buy goods and services, and now has true control over their funds.
Basically, no Mr. Tchir. Bitcoin hasn’t lost its way. It’s only getting started.
What’s your take on this? Do you think Bitcoin’s price Decline is done now that we have spiked $500 + USD in the past 24 hours to land near $6,400? Have we seen the worst of the worst? Or is there still more of this to come? Tell us in the comments below.