Home / Crypto Currency / Bitcoin Price Watch: Currency Jumps to $6,900

Bitcoin Price Watch: Currency Jumps to $6,900

Bitcoin is currently trading for just over $6,900. After a 24-hour period of hovering at $6,800, the price has seemingly increased by roughly $100.

Last week, the price of bitcoin seemed to fall by $100 a day. This week, the opposite is true. We first saw bitcoin standing at the $6,700 mark on Monday following a weekend high of $7,000. It has since risen to $6,800 on Tuesday, and now $6,900 on Wednesday. Given its present route, one can’t help but hope the price will once again reach $7,000 tomorrow and show enthusiasts that the weekend rally, though small, wasn’t a fluke.

Of course, we won’t be able to comment on that for another 12 hours, but many analysts claim that the future of bitcoin is looking bright. We’ve presently entered the second quarter of 2018; the first was marred by massive slumps and price drops galore. As we enter the second “phase” of the year, many sources say that in the past, bitcoin’s price has shown massive improvement during this period.

But if one were to look deeper, it could be said that 2018 has, thus far, shown repeats of bitcoin’s behavior in 2015. Prior to the start of that year, bitcoin had reached relatively solid ground following the Mt. Gox debacle in 2014, and was trading in the $400 – $500 range. While this was significantly less than the $1,000+ it had reached in the final months of 2013, the range was still good news for most traders.

Sadly, things took a nasty turn the following January, when the price fell below $200. Naturally, many investors weren’t happy with the news, and several were left to question whether bitcoin – or even cryptocurrency as a whole – was dead before it really had the chance to take hold of the global financial scene.

However, things began to change in November. Bitcoin suddenly spiked to $300, then $400, and rises continued into 2016. That year ended with bitcoin landing near $1,000 – a spot it hadn’t enjoyed in roughly two years, and the price explosions that are now synonymous with bitcoin occurred soon after.

We are now seeing similar behavior in bitcoin’s price patterns. A drastic crash occurred near the beginning of the year, causing the currency to drop by over half its value in just a few short weeks. We are seeing a few steady rises here and there – just like we did in 2015 – but nothing terribly noticeable has occurred just yet… $100 here, $400 there, etc. Bitcoin is no doubt struggling to keep its status, but it continues to show signs of life.

Granted these patterns continue, it’s likely we’ll witness a 2018 end similar with that of 2015. Bitcoin may reach new highs, bringing players and traders alike back to the boards for further viewing. The hype that consumed bitcoin media outlets in 2017 could again become commonplace, and the currency’s popularity may reach previous levels once again.

Many analysts debate whether bitcoin could reach solid numbers by this coming summer. Given the coin’s current maneuvers, summer seems a bit early at this stage, but the end of the year could ultimately give advocates the price they seek – just like in 2015.

Read more

Check Also

Institutional Investor: Crypto Will be Worth Trillions, Launches Hedge Fund

After leaving his position as an executive at Steven Cohen’s Point72 hedge fund, Travis Kling decided to start his own crypto-focused fund. This was a big and bullish announcement back then, but it still wasn’t enough to save the crypto market, which crashed only a month later. The following nine months were almost completely ruled by the bears, which has brought a lot of damage to the crypto world. Still, according to new reports, Kling has never given up on this project, and it seems that he will finally be ready to launch the new hedge fund over the next month. The dates have not been set yet, and it is possible that the fund’s launch will be as soon as in about two weeks. Former Point72 Manager Plans the Launch of His Own Crypto Fund The fund has been expected for a long time now, and according to what is known, it will be based in Delaware. Some reports even managed to find out that the name of the fund will supposedly be “Ikigai”. While nobody known for sure when the fund’s launch is actually going to be, it is known that it will happen in October. At first, the fund will be backed by a certain amount of capital that Kling’s unnamed partners have invested. However, later down the line, after the project starts its development properly, Kling plans to search for additional investors. Additionally, he will also add $15 million on November 1st, according to the reports. Eventually, by the time the mid-2019 arrives, Kling hopes that the fund will grow and expand to around $100 million. He even expects Ikigai’s venture branch to rise to $33M in capital invested. As for the foreign investors interested in the fund, they will be capable of allocating capital through investment vehicle based on the Cayman Islands. A Multi-Trillion Asset Class? During one of his recent interviews, Kling stated that he truly believes in the project, as well as the concept, and those willing to back it. This, more than anything, indicates that the project is more than just an attempt to generate large profits. Kling stated that he expects this to become a multi-trillion asset class that will expand to touch everyday life. He stated in an interview: It’s still very early, but the development and growth of this technology will be exponential. The firm will have a 13-person team that is said to be located in Los Angeles, while the fund will seemingly follow the regulations implemented by the Delaware government. Many believe that Ikigai’s launch will come on October 1st and that most of the allocated capital will remain in cash, at least at first. This is due to the fact that the investors are still trying to find a secure way into the crypto world. The post Institutional Investor: Crypto Will be Worth Trillions, Launches Hedge Fund appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.