Bitcoin is adamant which way it intends to go as its price beats $1600 resistance to land just $350 short of a new $2000 frontier.
Healthy Metrics Or Another Bubble?
In what has been an unprecedented run since March, the cryptocurrency has beaten all expectations to gain $750 without major downward pressure.
Now, just weeks after the price per coin fell below $1000 on hard fork fears, the question on everyone’s lips has become whether it is about to hit double that figure.
Commentators recently began citing underlying healthy pointers in Bitcoin such as investment as reasons for the optimism. On Twitter Monday, BitFury CEO George Kikvadze continued the sentiment, saying the Bitcoin asset class “has become too large to ignore.”
@$25bln+ Bitcoin has become asset class too large to ignore. Expect institutional money accelerating investment. Two words: Activate Segwit!
— George Kikvadze 🇬🇪🇺🇦🇪🇺 (@BitfuryGeorge) May 8, 2017
Looking further ahead into the future, industry commentator Willy Woo noted significantly more time was needed before Bitcoin’s real potential can unfold.
Highlighting a potential use case as a reserve currency, Woo produced a chart showing that despite the potential, drawing any conclusions would be hasty.
Bitcoin Money Supply trending towards world reserve currency scale? We shall have a better idea by 2022 https://t.co/8NhUYn3XBg /2 pic.twitter.com/7z7z4HTh9R
— Willy Woo (@woonomic) May 8, 2017
More conservative reactions came from Tuur Demeester and Vinny Lingham. Demeester had previously stated he was “quite sure” another Bitcoin bubble would occur, and on Sunday added that any downward correction could see prices back to $1200 or even $1000.
Lingham meanwhile, having warned about the dangers of too quick a growth in value, was among the first in line to sound the alarm.
Commenting on Ripple’s brief overtaking Ethereum’s market cap to become the biggest altcoin Monday, Lingham commented that “anyone who doesn’t think we’re in the middle of a Crypto bubble/manipulated market is naive.”
Altcoin Top Ten Barely Adds Up
The altcoin market indeed continues to see upheaval of its own. As Ripple and Ethereum vie for the top spot, last week also saw Ethereum Classic briefly surpass Dash’s market cap, having seen dramatic increases after Barry Silbert’s Grayscale Investments launched a dedicated fund for the asset.
Charts at press time tell a tale of two sides. Coins including Ethereum, Litecoin, and Dash have seen flat daily activity, while huge gains from unlikely sources come in the form of NEM and Steem, which gained 31% and 80% respectively.
Stellar’s Lumens token also continues its sudden upsurge, adding another 70% to several days of growth. A token giveaway is scheduled for June.
What do you think about Bitcoin’s current price performance? Will it reach $2000? Let us know in the comments below!
Images courtesy of Twitter, Pixabay