Bitcoin price reached $3000 on 11 June 2017. It was around INR 2,00,000 in Indian Markets. Though the rally was not continued and Bitcoin price came down, it is still being supported by community. Prices are expected to increase further in coming future.
At the time of writing this article, Bitcoin price was around $2700. In Indian markets, it was around INR2,00,000.
Bitcoin prices are increasing. Though the transaction fees are rising, time taken for settlement is also increasing, still the Bitcoin prices are expected to rise more.
The excitement in the Bitcoin community is being witnessed due to August 1 , the date set by the New York Agreement is approaching.
Issues like Bitcoin scalability will be worked upon by the coming date. The move will make Bitcoin network more efficient. Thus the excitement is being seen in Bitcoin prices as well.
Short term traders are speculating on Bitcoin. Long term investors are always bullish on the digital currency. Thus the prices are increasing and the bullish phase is more to be seen.
Also, the other reason is that some investors are simply confident in the community, and believe the New York Agreement will have a positive impact on Bitcoin.
When Bitcoin was priced around $750, Kay Van-Petersen , an analyst at Saxo Bank accurately predicted that its price would hit $2,000 in 2017. We have already seen that in the month of May.
Petersen, also predicted that Bitcoin price will reach $100,000 by 2027. He estimates the future market capitalization of Bitcoin to reach $1.75 trillion by that year, and its daily traded of volume to reach $500 bln out of the total $5 trl traded in foreign exchanges. ( Read full article)
“There will emerge two to three main ones. Bitcoin will be one of those. And the reason is the first-mover advantage, the scale and the pioneering”, Kay Van-Petersen.
Whenever a major change is seen in Bitcoin price, Altcoin prices also shakes up. It is recommended to traders to stay away from altcoins, when Bitcoin price experiences heavy volatility.
This is due to the fact that other traders shifts their focus from Altcoin to Bitcoin and as a result, prices of Altcoin decreases.
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