News $10,000 or $110,000? 3 Things You Didn’t Know About Bitcoin Prices
Wilma Woo | Nov 26, 2017 | 18:30
Bitcoin prices continue to surprise both crypto markets and the wider investment community with their unique growth.
Topping Expectations
Even the most optimistic short-term price expectations now look conservative as Bitcoin prices reach $9000 and in some markets top the magical $10,000 value.
Did you realize just how much Bitcoin is growing? Depending on where you are and who you are, the most popular virtual currency really is becoming the economic miracle accessible to everyone that its pioneers envisioned it to be. In honor of Bitcoin reaching a major milestone, here are three things you didn’t know about the popular digital currency:
I've been charting parabolic trends for a long time. I use curved lines and not linear lines, because linear lines are for non-exponential trends. When I draw the trajectory of $BTC intersecting all tops and all bottoms, this is what I get. pic.twitter.com/geS5S9WIEj
— Parabolic Trav (@parabolictrav) November 26, 2017
Bitcoin is… Parabolic
In terms of trend analysis, Bitcoin has always presented a great unknown. Cycles of fast upticks followed by major corrections have made all but the biggest proponents uneasy about forecasting the future.
Those same peaks and troughs have led traditional investment sources to predict Bitcoin’s impending final doom – $0 or as good as worthless once allegedly groundless enthusiasm runs out for good.
This week, however, as $9000 comes and goes without a jitter from major markets, analyses have taken on a whole new horizon.
The so-called ‘parabolic trend,’ which until even recently seemed eccentric, is now a topic of serious consideration.
As social media personality Parabolic Trav aptly demonstrates, a four-figure Bitcoin is now nothing frightening; rather, it is just the tip (or base) of a potentially giant iceberg.
“When I draw the trajectory of $BTC intersecting all tops and all bottoms, this is what I get,” Trav wrote today, commenting his personal trajectory for Bitcoin prices. These, prior to the next correction, could reach an unthinkable $110,000.
While international investors still waiting for $10K, Indian #Bitcoin Prices are already above $10,800 (INR 7,00,000) !!#India #Bitcoin $BTC @Unocoin@zebpay @PocketBitsIndia @Coinsecure pic.twitter.com/v71HrhUFvG
— Bitcoin Bullet (@Bitcoin_Bullet) November 26, 2017
Bitcoin is… The $10,000 Currency Unit
Bitcoin is always worth more where demand is intense and supply limited. Throughout 2017, beginning with its November 2016 currency reform, India has been one of the world’s best examples.
Despite Venezuela’s dramatic slip into dependency on fiat alternatives eclipsing India in the headlines, the southern Asian nation is still driving up Bitcoin prices in its national markets – this week, beyond $10,000.
Unocoin, one of India’s ‘big three’ exchanges together with Zebpay and Coinsecure, currently asks for around 700,500 rupees ($10,800) per single bitcoin.
For a country where exchanges are adding hundreds of thousands of new users every month, this is a telling trend that is likely to stay.
#bitcoin now in the top 30 currencies in the world. pic.twitter.com/72vcol1qLh
— Rodolfo Novak (@nvk) November 26, 2017
Bitcoin is… A Top-30 World Currency
Never mind the top cryptocurrency, however. As of November 2017, Bitcoin is listed among the top 30 currencies in the world, surpassing immediate neighbors Finland and the United Arab Emirates in terms of market cap according to December 2016 estimates.
According to data from Coinmarketcap, this figure is now $155 billion, far above Ether’s $44 billion and apt to challenge Ireland and Denmark for supremacy.
Bitcoin’s health has swung dramatically over the past 12 months as pressure from China, rival chain Bitcoin Cash and even JPMorgan’s CEO Jamie Dimon mounted to produce periods of intense uncertainty.
Now, however, critical voices have remained noticeably less verbose as new price hurdles are met with less and less issue.
Where do you think Bitcoin is going, in a month or in a year? Let us know in the comments section below!
Images courtesy of Shutterstock
