Bitcoin Price Is Skyrocketing: Is It Too Late to Buy?
Crypto Movers – what to watch week starting 27/11/2017
November 27, 2017Bitcoin Price Is Skyrocketing: Is It Too Late to Buy?
Many changes have occurred during the past several years regarding Bitcoin cryptocurrency, and its potential for growth seems to be very promising. Looking at the Cryptocurrency Market Capitalizations, we see that Bitcoin is still on top and its price has crossed the $10,000 mark across global exchanges.
Bitcoin Outperforms the US Dollar
Bitcoin is making history, and no other cryptocurrency, whether we’re talking about Litecoin, Ethereum, Siacoin, or Stratis had the same growth line over time. People who bought Bitcoin as an investment one year ago, are witnessing real profit right now, and they say is still worth buying today.
Although there have been many speculations regarding its capability to scale effectively, at this moment, Bitcoin outperforms the US dollar, Silver, Gold, and Russian Ruble. Furthermore, some say that in ten years Bitcoin may hit $100,000.
Looking at the past year, Bitcoin had a tremendous growth – from $2.000 in May 2017 to $10.027.40 in Nov 2017, with only minor pullbacks. Although a bearish divergence (higher highs in price, lower highs on the Relative Strength Index or RSI) has been confirmed in the past, that doesn’t seem to lower its price below $ 7.800. So, many estimate that Bitcoin will remain the top digital currency to watch in 2018.
Bitcoin Gains Worldwide Acceptance
Big companies and different countries have slowly integrated Bitcoin cryptocurrency. The Philippines and Japan Governments accepted Bitcoin as a legal payment method. Businesses like Bic Camera from Japan use Bitcoin for payments. More than this, the Indian Government is working at implementing various regulatory frameworks to legalize Bitcoin cryptocurrency in the future. Looking at the U.S., the Commodity Futures Trading Commission (CFTC) has already classified Bitcoin as a commodity.
Bitcoin Is Rare
According to a logarithmic calculus, in 100 years Bitcoin will reach 21 million units and will never exceed this number. As such, Bitcoin is scarcer than gold. Taking into account that Bitcoin surpassed the price of an ounce of gold In March 2017, the demand will only increase over time. Experts estimate that Bitcoin will increase its circulation value in the upcoming years.
Bitcoin Is Practical and Safe
Unlike the banking systems where a central authority controls the assets and every transaction, Bitcoin is decentralized. In other words, no central bank or company regulates the coin, and the people have the power. As such, Bitcoin is not only a decentralized system but also a transparent and reliable one.
There are multiple platforms such as Bitquick, CoinSpot or Blockchain where you can easily buy or trade Bitcoins. And, the good news is that it’s incredibly easy to get started. You only need a Paypal account or a bank account to set everything. Even if you don’t have any experience or knowledge about cryptocurrencies, you can find help on websites like AusCrypto Enthusiasts.
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