According to coindesk.com charts, Bitcoin is currently trading over $16,000 recording an upward change of $420.15 from the previous $11,789.85 with a total market supply of 16,722,838 as at December 5, 2017.
Bitcoin is the most substantial virtual cryptocurrency in the whole world, and its prices have created controversy over an extended period. Ethereum, second in command in the crypto world, is currently trading at $460, not an inch close to Bitcoin.
The possibility of a decline in the prices of Bitcoin will not happen soon. It is considering that there has been a drastic increase in the trading prices of Bitcoin from October to December 2017. This coin currency was trading at $4,500 on October 4, 2017. By November 4, the cryptocurrency’s value had increased by a significant margin of $1,500 to $6,000. Since this November, Bitcoin boasts of over 100% upsurge in its market price.
The following are the reasons that will keep Bitcoin at the top;
Increase of Users
Over a month ago, over 100,000 new users enrolled to Coinbase. According to CME statistics, there is a high demand for Bitcoin currently in the world. With these facts in mind, there are no chances of a significant decline in Bitcoin’s price as there will be a lot of resistance to maintain its value in the crypto world.
Strong support for Bitcoin Cash will be making this virtual currency skyrocket day after day. For instance, over the past few years, upon the initialization of Bitcoin in the coin market, there was a close battle between banks and this crypto. However, after some time, the perception of banks drastically changed and most banks are now incorporating Bitcoin into their systems for trading.
Its Current Value in the Market
According to analysts at JPMorgan Company, the cost of Bitcoin is now directly compared to gold. The coin currency is believed to transform into a long-term and more reliable store of value and termed as a “digital gold.” Due to its ease of trading, Bitcoin will increase the appeal of coin currency market to both institutional and retail investors.
Statistics and reports at cointelegraph.com affirm that New Zealand’s GDP is not close to the current value of Bitcoin. The countries GDP stands at $185 billion according to Stata shared by World Bank Data. With the possibility of acquiring each Bitcoin in existence, you are in a position of buying anything in the world from a private island to even trying New Zealand in your list.
Bitcoin is the only cryptocurrency that has enjoyed current market dominance in an extended period compared to other cryptocurrencies. This coin currency has received adequate support from Russia’s President Vladimir Putin leading in the pack. He has warned against imposing too many economic barriers to cryptocurrencies.
Furthermore, The Collective, a famous London property developer, allowed its tenants to pay rent and deposits using Bitcoin. A month ago, Japanese Government enacted rules that accept the extensive use of Bitcoin as a method of payment. Celebrities such as Floyd Mayweather, actor Jamie Foxx, and socialite Paris Hilton are Bitcoin enthusiasts and currently in love with coin offerings.
However, according to Quara.com, the decline to a level of $5,500 is directly proportional to how high it will get before it starts a correction process. It will be following the rule of phi, and these transformations will still be good for business on Bitcoin’s side. It is considering that users will buy more with an expectation of rising back to the top. For instance, in case of a 4K drop in price, users will buy 25% more of Bitcoins and a 50% purchase with a 5K drop.