Bitcoin price recovers back after continuously falling for several weeks. The cryptocurrency soared more than $2,000 in just over a day, Wednesday and is currently priced at $8,234.
Bitcoin reached its all time high in December when it successfully hit almost $20,000.Unfortunately the price took a deep dip and fell under $6000. But the last three days have been the first time in weeks when the coin started gaining back. The cryptocurrency showed a good spike surpassing $8000 nevertheless it is still 43 percent down as compared to last December.
The good news has certainly built confidence among investors and once again Bitcoin price predictors have jumped in with their huge claims.
Jamie Burke, CEO Outlier Ventures told CNBC that this time Bitcoin might end up settling the market after a much bigger run.
“We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals,” he said.
Some predictors believe that the largest cryptocurrency might cross the $50,000 milestone till the end of 2018.
CNBC’s Ran Neuner tweeted last weeks that “Bitcoin will finish 2018 at $50 000”.
Cryptocurrency market could hit $1 trillion this year with bitcoin surging to $50,000, experts say https://t.co/APWhRASaUL
— CNBC (@CNBC) February 7, 2018
Price comparison site, Finder.com ran a survey recently where a panel consisting of nine major crypto analysts was asked how the top 10 cryptocurrencies, especially the three major ones, will perform in 2018.
Despite the recent slump, the survey results revealed that Bitcoin will stay the strongest and will probably cost $14,928 per coin till March 1st (rising 34.63 percent).
Bitcoin is rapidly gaining popularity among millennials as they prefer investing their money in the ‘anti-establishment’ bitcoin rather than in stock.
According to a recent study by MarketWatch most of the younger millennials choose bitcoin over stock when it comes to investing as they think stocks are too risky.
The study reads: “Bitcoin’s anti-establishment roots and decentralized system brings with it the hope for a new economy that puts people over corporations,” she said. “This is an extremely appealing message to millennials who watched their job outlooks dwindle as the financial crisis unfolded in tandem with their first-ever entry into the job market.”
While Bitcoin is back on the track, it seems like Ripple and Ethereum are still struggling to join Bitcoin in recovery.
Ripple is currently priced at $0.76 whereas Ethereum at $816.
Ripple might rise in value soon as its partnering with more and more financial firms to power cross-border transactions by its blockchain payment system.
On Wednesday, Chinese payment provider, LianLian, adopted Ripple’s xCurrent payment solution to process real-time cross-border transactions.
Note: Cryptocurrency is based on speculation, and we do not endorse or suggest any trades or investments in cryptocurrencies. If you invest, do it on your own risk.
Disclaimer: I do not hold any btc, however hold some other currencies.