Introduction
Investors have found new love in cryptocurrencies and the prices are gradually skyrocketing. The rate at which digital currencies are being adopted, Bitcoin being one of them, creates a buzz on the stability of this market. Could cryptocurrency be the future of monetary systems? One trader placed a $1 million bet that Bitcoin will increase (triple) their sales in 2018.
Bitcoin's Performance
In December 2017, Bitcoin hit the $20, 000 dollar mark and has since been on the downward trend. By now, Bitcoin is trading at between $6, 000 and $8, 200. Although this is not a good sign, experts have predicted that Bitcoin will surpass the $50,000 mark. The cryptocurrency market is set to hit $1 trillion and Bitcoin, being among the trendsetters in the market, is expected to grow. The big question remains how? To best answer this question, we begin by analyzing the market.
The regulatory recognition of the cryptocurrency market has continued to expand as institutional capital developments enter the market. This entrance will push the prices of cryptocurrency up. This is enough reason to push Bitcoin above the $50, 000 mark. Utility tokens such as Ethereum and IOTA have already been embraced by developers who use blockchains, which has increased the cryptocurrency value. The increasing demand for the cryptocurrency market globally is sufficient reason for Bitcoin's Bull Run in 2018.
Bitcoin developers have partnered with Atomic Swaps, SegWit and Lightning Network, which have been adopted by most cryptocurrency platforms. This partnership will help Bitcoin to operate efficiently limiting delays and reduce transaction charges.
Conclusion
If you compare Bitcoin statistics in 2016 to 2017, you will notice that the cryptocurrency moved up by over 1700%. It is impossible to affirm that Bitcoin will cross the 50, 000 dollar mark. However, if history is anything we can go with, then we can safely predict that Bitcoin will cross this mark by December 2018.