At the rate that the popular cryptocurrency is moving, it’s either incredibly overbought or something historic is in the making.
For those of you still warding away the specter of cryptocurrency, get your crucifixes out now – Bitcoin has made some incredible and frightening leaps. With some exchanges showing a peak trading value of $18,000 per coin, the fabled digital token demonstrated once more why it’s worth keeping an eye on.
Far too big to ignore, shut down, or kill by way of dissident media coverage, Bitcoin’s price continued to rise violently over the last week, often at several thousand dollars per day.
While fervent proponents of the cryptocurrency lauded the coin’s – and their wallet’s – rise, the incredible rise in valuation has once more drawn the market’s attention to the fact that we’re still not sure what we’re dealing with.
The dream that Bitcoin promises is much harder to fulfill when the asset itself lurches and surges in value over the course of only several days. While we are tempted to say that this is merely the coin still finding its ceiling and floor, there’s just no way to tell – something of this caliber has never happened before.
Traditional currency’s fluctuate due to an entirely different set of parameters that the world’s most popular currency – and yet Bitcoin now has a larger market capitalization than many of the world’s countries.
Many have pegged the sudden rise in price to the forthcoming Bitcoin futures that many exchanges would seek to integrate – further solidifying the coin’s legitimacy as a currency.
While such a move would indeed improve its stature in the eyes of many traditional investors, there remains a massive network supporting the coin – from investors to miners to everyone in between, Bitcoin has become a way of life.
As of this writing, the price has begun to retreat from its astronomical 18K mark, but we would be remiss if we did not point out that should the coin “crash” – it wouldn’t be the first time. While dips are inevitable, the waters ahead of the cryptocurrency are still murky.
Regardless of if its value should continue to rise at the rate demonstrated thus far, the threat that Bitcoin poses to traditional financial institution still looms large.
And so, we’re sent back to the speculating room to try and pinpoint just where Bitcoin will level out – but on this crazy rollercoaster, things keep looking like they’re heading straight past the stratosphere.