Bitcoin prices after witnessing a massive surge is now correcting. The price of the cryptocurrency was expected to surpass $2000 level by the end of 2017. It’s not even halfway to the year 2017 and Bitcoin has already crossed $2000.
Bitcoin prices crossed $2000 last week. Since then the virtual currencies’s prices are increasing day by day and make new All-Time high’s everyday. The cryptocurrency made it’s all time high at $2807 on US Bitcoin exchange Coinbase.
Bitcoin is still receiving plenty of attention, especially from Japan and more recently from Korea. Bitcoin prices are trading at 10% premium on Japanese Bitcoin Exchanges. Not only in Japan, but in Korea too, thes prices have rosed above $4000.
This is almost 1.5 times the current price range. People are spending almost double to buy Bitcoins, which means Bitcoin has a great value to them.
But now Bitcoin prices have started to correct. Experts say this Bitcoin bubble is about to burst. Bitcoin prices fell almost 10 percent. Bitcoin pries fell from $2700 to $2300.
On Indian exchange too, Bitcoin which was trading around Rs2,30,000 fell down to as low as Rs 1,90,000 around 12.30am on 26 May 2017.
At present, Bitcoin prices was around 2,00,000 on Zebpay and Rs 2,03,800 on Unocoin.
Along with Bitcoin, all other major cryptcurrencies were red blodded except for Ethereum Classic.
On 25 May, Bitcoin prices started to correct and fell almost 10 percent. US Bitcoin exchange Coinbase, witnessed a large amount of traffic and could not survive it. It was made unavailable and it informed it’s users that the site was down due to maintainence.
Coinbase tweeted, “Coinbase has experienced unprecedented traffic and trading volume this week. As a result, Coinbase.com has suffered a few outages and downgraded performance for some users this week. Our engineering and support teams are working around the clock to restore our site to normal performance.”
Coinbase is the world’s most funded Bitcoin Exchnage. Still it could not handle the massive Bitcoin traffic . The recent rise in prices of Bitcoins and Altcoins may be the reason for massive increase in users.
At the time of publishing this article. Bitcoin prices were stabilized and Coinbase was live again
Bitcoin prices witness a major downside of almost 10 percent on 25 May 2017. Experts believed that it is due to Profit Booking. Traders have booked their profits which has caused Bitcoin prices to correct.
It is being believed that traders were selling SegWit activation news to increase prices and now, as the CoinDesk Consensus is over, traders booked the profit.
Experts believe correction of Bitcoin prices have started and will fall more below the current price. It is said the correction is necessary in order for future long term growth of Bitcoin.
Venture Capitalist Fred Wilson, Co-founder of Union Square Ventures, who owns Bitcoin and other Virtual Currrencies said “It will probably take much longer for Bitcoin to go mainstream”.
Bitcoin prices have increased significantly which raised some serious concerns of organic growth believers. On April 28 2017, Bitcoin prices was around Rs 89000 on Indian Bitcoin Exchnage Zebpay. It rosed to around Rs 2,20,000 in just three weeks. This massive growth bought a moment of joy for long term investors. Traders too made good hefty profits but all of them now believes that Bitcoin prices should fell in order for it’s future organic growth .
Those who bought Bitcoins recently at surged prices may worry for a little while, but from a long term perspective, Bitcoin prices will definately increase.
Author at KryptoMney.com believes “If you are looking for long term horizon, whenever Bitcoin is bought, it is always cheap”
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