Bitcoin is at a record high as of May 11, 2017. The price sits over $1,800 and experts predict it to reach $2,000 by then end of this month.
It is crazy to think it was $0.08 a bitcoin, and now it is over a thousand dollars. But is all of this just a warning of the future downfall of bitcoin.
Bitcoin is the biggest cryptocurrency in the world right now, with a market cap around 30 billion dollars.
Bitcoin started in 2008 as a cryptocurrency and a digital wallet. Bitcoin in 2008 was eight cents which is a 23,000 percent increase compared to today’s price.
Since Bitcoin is rapidly growing, all of the other cryptocurrencies are booming too.
Ethereumrose from around $10 in April to around $90 as of May. Ethereum is one of the fastest growing cryptocurrency out there. If you think it’s too late to start investing in Bitcoin, I suggest you should start on Ethereum.
Litcoin is like a little brother of Bitcoin. It is the brother that lags behind in height until later in life, but not to the same magnitude as his older brother.
You can obviously see that by the price of each, and how Bitcoin is gold and Litecoin is silver. But until very recently, people have started to see the growth in Litecoin.
Rising from $10 in late April to $30, it’s not as big of a jump as Ethereum but there is still promise for Litecoin.
Everyone is amazed in the huge boom of Bitcoin’s popularity and its price growth.
People can’t even comprehend when they see the original price of Bitcoin.
Just to visualize the growth in Bitcoin this year, the price of Bitcoin last year in May was around $400 which is now more than four times less than the price now.
A huge reason why the price is rising is the degree of the confidence in Bitcoin and in the whole market.
People see the price in Bitcoin and put their money in.
Many reasons people are putting money in Bitcoin is because some countries are seizing people’s gold.
With the dropping price in gold, people are selling their gold to put their money in Bitcoin.
Also, with successful cryptocurrency startups and loosened government regulations on cryptocurrencies, the price is being boosted.
Since I started writing this article, the Bitcoin price dropped $200. I was astonished about the drop and many people are also dumbfounded.
You see Bitcoin going up and up, and then it plummets along with Litecoin.
This shows and proves the point of history repeating itself.
In the past, Bitcoin prices rose and then suddenly dropped. With the recent drop, it shows the future may see more of these increases and dips.
This is when people and especially investors think about the future and the potential for Bitcoin.
Many have strong feelings about the future for Bitcoin, many have negative feelings about it.
Those with negative views about Bitcoin want it to fail and feel that there is no point.
The people who are positive about Bitcoin see it as a future currency and are enthusiastic about cryptocurrencies.
Experts warn about a sudden Bitcoin crash which could leave the whole cryptocurrency in ruins, possibly never able to return.
They are calling this the “Great Bitcoin Crash of 2017” or the “Great Bitcoin Depression.” But a crash has a slim chance of happening.
Many big stock market crashes come unexpectedly, so we may never know if a crash strikes.
Also, with billionaires putting their money into Bitcoin and mostly positive media coverage, Bitcoin will still grow.
The one thing Bitcoin is missing is crucial. They’re missing a leader in the company which has long been a mystery.
Bitcoin was supposedly created by someone named Satoshi Nakamoto who lives in Japan.
Nobody knows what he or she looks like but whoever it is, Bitcoin needs a leader to guide it.
I recently bought some Litecoin on Coinbase a couple days ago due to the rising price of Litecoin.
I bought 5.5674 Litecoin for the price of around $180 USD, which was about $30 aLitecoin.
But with the recent drop, it is not looking so good for me right now. Hopefully, all prices of all cryptocurrencies will go up again.
If you’re thinking about buying Bitcoin it has dropped in price and if it keeps dropping, watch for it so you can buy at the right time.
I recently heard rumors of big companies like Google thinking about buying cryptocurrency sellers like Coinbase.
This would definitely boost the price of cryptocurrencies. But if Google would enter the market for cryptocurrencies, they would probably make their own or their own selling and buying cryptocurrency website.
The stock market is affected by political events, like if a new president is in office.
When Donald Trump was sworn into office, the stock market jumped in price. But did it even affect bitcoin? I looked at the data of Bitcoin prices before and after the election.
Nothing really changed and prices were already going up, so it was hard to even know if it did anything.
The future of Bitcoin is uncertain but with the rising price and good media attention, who knows if it will become a new currency or a big flop.