Why Bitcoin Prices are on the Rise and What That Means for the Cryptocurrency Market
It always seems like one minute your friend is laughing at you for investing in cryptocurrencies, then the next they are crying because they did not invest themselves. People who follow cryptocurrency trends and believe in the future of decentralized digital currency are used to being ridiculed by those who feel that cryptocurrencies are too unstable to be a good investment, but they may soon find themselves biting their tongues.
So what’s the hype? Why has the most popular digital currency suddenly become even more popular once again? To be honest, the answer is not all that simple. There are a lot of factors that are contributing to this most recent ‘boom.’ But the real question on everyone’s mind is: “How long will it last?”
Trading price fluctuation is nothing new. Anyone who trades stocks or cryptocurrencies knows that these changes are bound to happen, which is why the term ‘hodl’ accidentally became so popular. But the reasons behind this particular fluctuation may be a little more exciting than they have been in the past, thanks to the ever-evolving technology behind this cryptocurrency giant. Sure, people may not be running out to buy a lambo, but steps are being made to secure the future of digital currencies.
Large Chain Stores Now Accepting Bitcoin
Just as we predicted, cryptocurrencies are encroaching on fiat as their usability continues to increase, daily. Now, with the help of Gemini exchange and payment startup Flexa; Starbucks, Nordstrom, Barnes and Noble and Whole Foods are said to be accepting Bitcoin, and it’s just as easy as using any other app-based digital wallet.
“In 2 years Bitcoin will be everywhere and fiat currencies will become archaic.” — Tim Draper
Granted, this news has gotten people excited. This was always the goal of cryptocurrencies. It’s been a long time coming, but it seems the wait is soon to be over.
Billionaire and Bitcoin enthusiast Tim Draper has been quoted saying that he believes in 2 years, Bitcoin will be everywhere and fiat currencies will become archaic. This is just the beginning for digital assets, because of their decentralized nature, we are sure to see their acceptance grow rapidly around the world.
Popularity Begets Popularity
When cryptocurrencies seemed to not be doing so well, it was easy for people to ignore them. However, the price swell has created a renewed buzz around Bitcoin and people are more eager than ever to their hands on it. With some predicting that the price will continue to rise, may even reach well above $20,000 per BTC to its highest price yet, many are anxious to join the cryptocurrency investment trend in hopes of seeing their investments pay off.
This is good news for most Altcoins and Token projects. Because there is still a high barrier to entry for those looking to get their hands on Bitcoin, many altcoins and token projects are seeing a small surge in investments and trading.
Some have suggested bitcoin is rising because people are moving away from altcoins like Ethereum, Ripple (XRP), Dash or Litecoin, but this does not appear to be the case as many altcoins are increasing in value as well. This could be attributed to newcomers wanting to get their foot in the door as traders while the prices are going up, or it could be because more and more investments are being put into these smaller coins as usability increases for cryptocurrencies as a whole. Either way, this trend has once again gotten people excited about the potential of blockchain.
Shifts In Speculative Trading Trends
Whether or not it is possible to really pin down exactly why this speculative market is on the upswing in the opposite direction from the traditional stock market, it is clear that people are beginning to have less fear when dealing with a market based on speculative value, as opposed to value rooted in fiat or other commodities, such as stablecoins are. Some think that Chinese investors are behind the swing as they turn to Bitcoin as a means to diversify their assets. However, this means that regardless of what is or isn’t backing Bitcoin, people are willing to put faith in it and other digital currencies.
All of this comes surprisingly shortly after the Binance was hacked and Bitfinex exchange being sued for ongoing fraud. It is clear that bad news is no longer affecting investors decisions as heavily as it did before. With Bitcoin’s continued strength, people are more willing to shrug off bumps in the road and stay faithful to their investments in the market.
Bitcoin Is Great, But Altcoins Are Necessary
While many are still eager to get their hands on the more popular digital currencies that are on the rise, like Bitcoin, the future looks bright for many altcoins and tokens projects that fill gaps in the market and implement functions that Bitcoin cannot. Altcoins and the projects behind them are equally important to the future success and progression of digital currencies for this very reason.
Although Bitcoin is now being accepted in more places, there are still some functionality issues that make them more sluggish, hackable and harder to use.
Ripple (XRP) is a great example of a coin that is pushing the boundaries of what can be done with cryptocurrency and behaving differently on the market. Ripple has set itself apart from many of the other coins because it is now backed by institutional funds, with many different groups willing to float money and investments into the platform.
As utilization increases and more coins become backed by physical assets, stability and value are sure to increase as well. So while your friends still might be rolling their eyes when you mention cryptocurrency market trends, the topic is quickly becoming unavoidable and we have a sneaking suspicion that even your most skeptical of cohorts will soon be asking for investment advice!
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