If you are even remotely online and browse the internet for trending things, you must have seen articles about Bitcoin. The drama that has been circulating around this cryptocurrency, about how it’s price has been surging up and down. In the beginning of Noevmber, Bitcoin had passed $7000 for the first time due to demands by many of its users. Cryptocurrencies are extremely volatile, so even public demands or reviews can make their price jump up and down. This first spike had happened just before the technical upgrade was announced by Segwit. Anyone who had bitcoin before the upgrade, were also promised that they would receive an equal amount of the upgraded coins. Then out nowhere, Bitcoin upgrade was cancelled. The Bitcoin price immediately fell down to as low as near $5800; the drama was further fueled when one of its off-shot Bitcoin cash passed its value. During this period, Bitcoin cash saw its popularity and usage skyrocket. However, the temporary run has just run its course as, Bitcoin price just hit the highest point it has ever reached. It is now soaring over $8000! The current price of one Bitcoin is $8250.
In this year alone, Bitcoin has risen more than 735%. Many people consider Bitcoin as a bubble that’s going to pop. After all, Bitcoin investments skyrocket from time to time and can also go down like a meteor down to the ground. When it passed $5000 in October for the time, skepticism had risen quite high around this cyptocurrency. Some people even went as far as calling it a fraud in the market. Others were quite surprised at its rise and took the opportunity to invest in it. All in all, Bitcoin has risen about 4000% over the last 5 years or so!
While the reason for the surging prices is quite a few, the main reason is the combined interests from institutions. Just this year, over 100 cryptocurrency hedge funds have been produced. These funds are acting as a pipe for the conversion of fiat money into Bitcoin and other cryptocurrencies. Even old investment institutions are taking part in these conversions. The only thing they want in return is security from the services.
So putting 2+2 together, most analysts have estimated that the Bitcoin price is likely to reach $10000 by the end of this year! Some are still skeptical about it but nonetheless, the journey for Satoshi Nakamoto and his creation has been quite hectic. Going up and down like a roller coaster.We all kust have to wait and see what, lies in store. This year might end up in a 2+2 is 4 for Bitcoin, or someone might have to subtract one to complete the quick math.