Rising price of the cryptocurrency, now worth four times as much as an ounce of gold, has led to warnings of a bubble, It seems to me Bitcoin will fall a bit after this win.
But the price of bitcoin has smashed through the $5,000 window to an all-time high.
BTC rose by more than 8% to $5,243 having started the year solid at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold, Imagine that gold... it surpassed it. What do you have to say about that Jamie Dimon?
Bitcoin is still volatile.
Bitcoin has not always been this wonderful in giving back to the holders or miners price has been volatile though. The digital currency plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown. Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of consumers piling into the bitcoin market could prompt wider financial problems.
Source: https://www.theguardian.com/technology/2017/oct/12/bitcoin-price-5000-cryptocurrency-gold-bubble
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The only thing that sucks is that alts are being left in bitcoins dust
The price is rising because everyone wants to hold BTC for the BTC-Gold hard fork (is it on Oct. 26th?). Money is moving out of Alt-Coins and into BTC. There's also an upcoming Ethereum hard-fork so.... Interesting times we live in.
Things always settle back down. I think that in general, going forward, crypto markets will settle down a bit. However, volatility will remain high in this space for quite some time to come. As the new money becomes more widely adopted, it should help to make things slightly more steady. For now, there are good deals on Alt-Coins out there. Things like Lite-Coin, BitShares, even Steemit are basically "on sale."
I expect to see BTC continue to hit higher highs, and higher lows. If the next low remains above $3500, that's a very bullish sign. I don't expect to see anything else.
Up voted and resteemed.
Agreed im taking advantage of the alt coin sale and snatching up as much as i can. IMO bitcoin gold will tank and wont be worth the effort when you could profit more from alt coin price rise after the hype.
I think you are right my friend. It's good you are looking at it from a different point of view. Most people on here and elsewhere are focusing on getting as much Bitcoin as poss.
Have a nice day :)
LTC up over 13% this morning, more than BTC. Probably not "on sale." I still fail to see what the purpose of Litecoin is these days; it used to have value as a definitive bitcoin testnet, but in Forklandia, can that even be said anymore? The whole "silver to bitcoin's gold" bit was always just marketing hype.
As for Bitcoin Gold, is anyone actually planning on HODLing it? Seems to me that, much like bcash, it's a clear dumping opportunity. After all, what is Equihash without zk-SNARKs? Back in my early days as an altcoin miner, I mined a coin called VERT. Its only selling point was ASIC resistance, and true to the developer's word, they switched the hashing algorithm from a modified version of Scrypt to LYRA2-Re once FPGAs were on the horizon. The coin was still a flop.
I like the concept of keeping BTC mining decentralized and would like to see it run on a non-NSA developed hashing algorithm (SHA2), but changing the hashing algorithm just to keep the facade of decentralized mining seems reckless. Moore's Law will eventually do that to SHA256 ASICs all by itself.
Understanding the ins-and-outs of all of the mining probably puts you a few steps ahead of the curve, as compared to the average cryptocurrency enthusiast. Most of us aren't into it that deep. Your deeper understanding of the usefulness of the different coins puts you in a different category of investor - probably with much better understanding of the long-term viability of various coins. As it is, many people are out there doing the same kinds of speculating on this stuff that's been done in the stock markets. As I said - LiteCoin WAS on sale - 13% profits to take in a day isn't doing bad at all.
hip hip hurrahhh
This is extraordinary, can hardly wait to see steem go up and up, I have all my crypto fortune in steem
it seems like BTC will touch $10000 soon.
I would not be surprised to see it reach 10K by the end of next year.
Got me with 0 bitcoins. 😎
This is great, can't wait to see steem go up and up, I have almost all my crypto fortune in steem
Steem will go up just keep on holding and posting and earning.
why is steem struggling tho ..?
Steem don't give a fuck about btc, its on its own terms. : )
ha ha you probably nailed it for me...that's the most precise definition of them all
how i can earn btc sir... sir can I got upvot from you plz..?
First: You don't beg for upvote or you get Muted.
Second: work on your posts.
Its amazing to see bitcoin breaking off from 5000 levels. Just matter of time till it crosses the magical 10000. But i feel there would be strong resistance at 6500 - 7000 levels and may test 5000 levels again before it shoots up.
Regards Nainaz
#thealliance
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To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoFor the people asking why steem is struggling it's because BTC is super strong right now. People are wanting the "free" BTC they will get in the upcoming hard forks.
On the one hand, we have a general recovery on the crypto markets. The bad news from China and other countries has now been digested and one looks much more optimistically on the crypto market than a month ago when panic dominated the markets. Bitcoin also benefits from this reassurance.
On the other hand, Bitcoin Gold is approaching ever closer, a hard fork, which theoretically could lead to a further split of the Bitcoin network on 25 October. Against the backdrop of Bitcoin Cash Hard Forks a few weeks ago where Bitcoin owners have been credited with Bitcoin Cash in addition to their Bitcoin, many investors or speculators are now hoping that this could be repeated with Bitcoin Gold. This is why people heavily invest in Bitcoin, hoping to make a profit after a split through the additional win of Bitcoin Gold.
Also the increased interest of institutions seems to play a role for this renewed price rise.
So there were rumors, for example, that Goldman Sachs would think about a "Bitcoin Table". This would indeed be groundbreaking. Other experts and investors are also increasingly showing that they are interested in the crypto currency.
Even if the Bitcoin opponents maintain that the crypto currency is in a "bubble", the price development of the last days shows that this is not the case.
ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ
Namaste
Yihaaaa
Nice value
Good summary, @zeartul. Upvoted and resteemed!
I think the big story here is that, despite draconian regulations announced from both China and Russia, BTC has continued its upward price momentum. So much for the monetary Luddites who proclaimed that "banning Bitcoin" would be its death.
We'll likely correct downward off these new all-time highs, as you note, but it's good to know that the classic double-top formation has been averted. That should spell a less steep correction for BTC, but we shall see.
Hope steem increase too :)