Bitcoin is unstoppable, it seems. The Bitcoin price has hit a new high. Despite the predictions that it will not be going any further, it keeps on impressing investors. The latest price of $5,800 suggests that it has not yet peaked as many of the market analysts had earlier indicated.
Why Bitcoin Price Hike?
Besides the usual reason of currency’s security, and able to anonymously send money, there is another reason. The investors can see the potential that it has got. Therefore, they are testing its ability to give higher returns on investment. They believe that it can provide them higher rates of return in the future too.
So What’s Future for this Cryptocurrency?
A lot is happening around the cryptocurrencies. On one side there is this uncertainty looming that they may be shut down. Many governments are taking action to ban the cryptocurrency. The top countries going against cryptocurrencies include China, South Korea, and now Russia. Despite the ban, the steps seemed to have increased the demand for securely sending money.
The recent increase in bitcoin value exhibits how the market sees it. The bitcoin market is increasing each day with more interest. The new bitcoin USD increase of 13 percent in one day suggests more potential for its price to rise. There are many places to buy bitcoins online that offer a secure way of making the purchase.
Current Bitcoin Market Cap
The new rise in the price has led to 30 percent increase in its market. The overall market of all the cryptocurrencies stands at $171.94 billion. Around 55 percent of the entire market share belongs to it. Currently, the bitcoin USD value stands at $95.5 billion.
The cryptocurrencies have recently come under a lot of criticism by some of the leading voices in the financial industry. Most of them argue that it is not a real currency without any backing. Therefore, it will not offer any future value to the investors. Thus, people should be careful when investing their money in it.
The current hike in price proves all the market experts wrong who believed it would not rise further. Despite the skeptics, there are others who think that it will increase more also in the future. One example is a Dubai real estate developer. The developer is offering real estate in Bitcoin value to the customers. So, it is not easy to predict for how long it will keep rising. Currently, it suggests the increase in the ban would make it a hot commodity, adding further to bitcoin price and hike.