The price of bitcoin is always fluctuating. Sometimes, the fluctuation is predictable while at other times, it comes with a surprise.
This time it was nonetheless, a huge surprise!
For the past month, we have been observing the price linger around $5,000. But to everyone’s surprise, the trading price has now reached $6,000.
This is because the market of cryptocurrency has been through several points of interest over the last few weeks, but no other cryptocurrency was as much affected as the Bitcoin itself.
Bitcoin price breaks a new all-time high
Bitcoin has passed the new mark of $6,000 and just after a week, the first-ever cryptocurrency in the world has reached a new high of $6,306.58, according to the Price Index at CoinDesk.
Previously, bitcoin was reported at $6,183 on the 21st of October 2017 and the currency managed to stay at that price for almost eight days.
Since then, prices have risen up almost 500 percent in a year. The prices have increased from less than $1,000 to this new record high price now. However, the basic concern lies in the uncertainty of this cryptocurrency in reaching even a higher mark than the one we are observing currently.
The volatile prices of bitcoin
Considering the current surge in bitcoin prices, we can expect anything in the coming days. Bitcoin has always been famous for its volatile pricing, which is somewhat responding to events like occasional security breaches, shutting down of major systems of payment and other market forces.
However, for the past few months, there is a growing demand for this highly popular digital currency. The increase in demand is not only observed form private sectors that include analyst, investors, and enthusiasts, we have also observed the public sector taking a lot more interest in the digital currency than previously. The public sectors have now started to welcome the use of cryptocurrencies and there is also a lot of support from this sector than we have seen previously.
In extension to that, we are now seeing a lot of interest from several countries, especially the ones in Southeast Asia. All of these countries are now taking their first step in fully accepting and legalizing the use of cryptocurrency.
Hence, soon enough we can expect to observe a significant increase in value, due to the increased recognition of this cryptocurrency worldwide.
What is the possible end point?
As per the indications, the $6,500 marker is clearly in sight. However, the trending price of bitcoin is expected to continue until the end of the year 2017. As stated earlier, there are some new markets opening up in the Southeast Asian countries and this is giving bitcoin another chance to pump up the bitcoin economy and the overall cryptocurrency industry.
Even though we can only rely on speculations, considering the earlier prices surge and peaks, the speculation seems quite promising in favor of Bitcoin.