Just a few hours after our previous alert, Bitcoin hit new all-time highs on several exchanges, rising to $2800 in Asian trading, just two weeks after a painful 30% decline that carried BTC’s price below $2000. The most valuable cryptocurrency is up more than three-fold since hitting $900 in March.
Daily Chart of Bitcoin (Coinbase)
What’s next for Bitcoin?
Some analysts call it a bubble of epic proportions, some say that it’s just the beginning of a revolution and BTC is headed towards $4000 until the end of the year or even $1 million in 5-10 years. What’s sure, is that volatility will increase once again in the cryptocurrency, and that will likely affect altcoins as well. Litecoin and Monero have been showing strength among the alternative coins during the rally today, while the main rival of BTC, Ethereum traded near it’s all time high.
Asian demand and adoption drove the recent leg of the rally, and while another steep correction is possible, there could be several waves of new investors and traders flooding the segment. The aggregate value of the cryptocurrency market just hit $100 billion, a far cry from being a meaningful number in today’s world, where central bank’s hold trillions of assets in the quest of keeping the global economy afloat, while only a small percentage of the investor community dared to touch Bitcoin et. al so far.
The blockchain technology behind Bitcoin is likely here to stay, but it’s hard to tell right now, which cryptocurrencies will emerge as the winners of the segment, Bitcoin is currently holding slightly less than 50% of the total value of the coins, while Ethereum accounts for half of that. For now, traders should keep their seatbelts fastened, as fireworks are almost assured in the coming days!
What’s important, is that traders should keep their seatbelts fastened, as fireworks are almost assured in the coming days!