What is the current Prices of Bitcoin
According to cryptocurrency analysts, the value of Bitcoin has in the current months significantly increased in dynamic in the market. Since the start of 2018, the value has gradually gained value against other digital coins such as ethereum. The current price goes for $8,154.47 which is about 2.87% increase from the previous month. According to Tom Lee, a CEO at Fundstrat’s firm in wall street prediction the value may rise up to $20,000 at the end of 2018 $25,000.
Bitcoin (USD) Price for the July 2018 https://www.coindesk.com/price/
"price index chart"
Bitcoin Price Prediction 2018
According to Wood (2018) the prices of Bitcoin, ethereum, Litecoin and other crypto coins have been posing a stiff competition in the digital market field. However, a market analyst has predicted a huge Bitcoin rise over other digital coins particularly in 2018 where it can shoot to as high as $100000. For the past two years, the prediction has always come true, for instance in 2017 the prices rose from $900 to $18,000.
CNBC has predicted that the price of Bitcoin could hit $100,000 in 2025 with the assist of Van-Petersen an analyst who correctly predicted the cryptocurrency’s rally in 2017. Also, He said in December 2016 that bitcoin would reach $2,000 in 2017, a feat achieved in May.
The reason behind the fast growth of Bitcoin Value
One of the main reason for Bitcoin gaining a lot of market share in cryptocurrency is due to is steady growth and stability leading to attraction of more investors since the start of 2017, A scenario where its prices rose from $1,000 to almost $20,000 before falling down to around $13,000 by the end of the year (Maeda & Ayateru, 2018). Since that hike, the prices have undergone minimum periodical fluctuation when compared to other cryptocurrencies such as Ether and Ripple thus attracting more investors to purchase Bitcoin.
Conclusion
Finally, real owners and investors have little to do with Bitcoin price determination but the market in which it trades in, the government regulation has assisted in the stabilization of market prices of Bitcoin. The future value of Bitcoin has more chances of tripling its current value. Therefore the investors who are speculating to invest in bitcoin have a better chance of making huge profit margin alongside the rising price of Bi9tcoin
Reference
Maeda, Ayateru. "Analyzing Bitcoin Price and Investor Attractiveness" (2018)
Wood, Spencer B. "Currency or New Asset Class? An Introduction to the Bitcoin Economy and an Empirical Analysis of Bitcoin Price Determinants" (2018)