The cryptocurrency market has always been known for its volatility and the kind of turbulence we are witnessing of late is aligned with past trends. However, the good news is that this price fluctuation is on the positive side as bulls have taken full control of the market. Still, there is a slight suspicion of slumber that could possibly hit the apex coin, although its possibility is not very strong.
Let us check out the pattern in the Bitcoin prices for the last few days. As per the recent trend, Bitcoin was trading at $11,030 on June 24 while on June 25; it registered a marginal gain to reach $11,371. The coin recorded a decent increase on June 26 when its value reached the level of $13,618. The coin plunged to $12,890 yesterday, and today its value is hovering around $11,120. This tumultuous behavior of Bitcoin has sparked many speculations with many experts constantly betting on the valuation of this largest coin by market capitalization. While some analysts are very enthusiastic that Bitcoin will soon reach its previous high of around $20,000 and set a new record, others see a red in these over-optimistic predictions. However, one common theme that emerges out of these predictions is that we have finally come out of crypto winter, and now it is less likely that the market will again go back to slumber.
Among the important predictions, Trade99 has come out with a projection that by the end of this year, Bitcoin will surpass the level of $20,000. The leading trading platform has put out this observation based on its advanced informatics analysis, and the projection is in line with other positive observations coming from other industry veterans about Bitcoin’s value. Take, for instance, the projection from Simon Peters (trade analyst at eTORO) who predicted that Bitcoin would be reaching $20,000 level in the next two months and by the end of 2019, it can touch as high value as $50,000 or $100,000. However, he supplemented his prediction with the cautious note that the observation is based on the parabolic growth shown by Bitcoin in the past few days. Another interesting observation regarding the surge of Bitcoin is the revelation that the coin has gained in value on the expense of other altcoins. This means while some altcoins have plummeted and are struggling to keep abreast, Bitcoin has leveraged their weak positions to register handsome gains for itself. These gains have also helped Bitcoin to enhance further its dominance in terms of market capitalization, which has now reached the level of $202.6 billion at the press time.
Pulling it together:
In terms of a larger picture, the year 2019 is proving to be a fruitful year for the whole crypto market, especially when one compares this year’s growth to the disastrous decline of 2018. Last year, all the cryptocurrencies, including Bitcoin, struggled very hard. From the level of $19,700 in December 2017, Bitcoin plummeted to $3,400 in December 2018, sparking a panic among investors about the future of their investment in Bitcoin. However, 2019 has witnessed a steady growth in Bitcoin’s value, and as a result, investors are coming back to the crypto market with full force.