The price of Bitcoin “is surging again,” now up to more than $6000, writes Inc. columnist Eric Mack:
In its decade-long history, the value of the pioneering cryptocurrency has actually followed a pretty reliable trajectory. That is to say, over the full term Bitcoin’s value has only grown, much like many stocks, real estate and precious metals. It has seen dramatic run-ups in price followed by painful crashes, but it has consistently retained a significant portion of its previous gains each time it plummets. In other words, Bitcoin has reliably taken two steps forward and only one step back when it tanks. While the crypto captain lost roughly 75 percent of its value after peaking at a price of almost $20,000 per digital coin at the end of 2017, its lowest price from the last twelve months was still double where it stood in May of 2017.
Now, that price point is up again by 75 percent from its bottom in January, leading many to wonder if another great run-up in price could already be underway. If that turns out to be the case, and Bitcoin follows its historic pattern of increasing in price by an order of magnitude, we could be looking at $100,000 per Bitcoin….
A few other factors support the idea that this latest Bitcoin recovery should be taken seriously. As CNBC reports, institutional investors have taken an increasing interest in cryptocurrencies… Of course, there’s still plenty of naysayers, headlined by Warren Buffet, who continue to maintain that crypto is nothing more than the latest bubble. But if that’s the case, how many times will it burst and refuse to die only to come back stronger? While $6,000 is well below the 2017 high price, it’s worth noting that the first time Bitcoin crossed the $6,000 point was in October, 2017.That was only two months before tripling in price to reach its peak. So when cryptos get up a head of steam, they tend to trigger all sorts of FOMO and go “parabolic.”
A disclaimer at the bottom of the article notes that its author owns “a small amount of Bitcoin and a few other cryptocurrencies.”
“Can’t wait to see what the next few months hold for Bitcoin,” his article concludes, “and the slew of cryptos that tend to follow its price chart.”
of this story at Slashdot.
Source:: Slashdot