Home / Crypto Currency / Bitcoin Price Watch: Currency’s End-of-Year Figure Doesn’t Look So Hot

Bitcoin Price Watch: Currency’s End-of-Year Figure Doesn’t Look So Hot

At press time, the father of cryptocurrency is trading for just over $6,400 – about $100 less than where it stood 24 hours ago.

For those of you who are movie buffs, the big hit in theaters right now is a sci-fi flick called “The Meg,” short for “megalodon.” The story involves a large, prehistoric shark that has emerged from the Mariana Trench to terrorize a group of scientists, deep-sea divers and beach goers… Pretty much anyone it can get its “jaws” around. The big catch is that no matter what the scientists do to get rid of it, it keeps coming back. It’s the Jason Voorhees of the deep.

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While this may sound like a typical horror-fantasy retread to most people, the shark is relevant in the sense that it exhibits the same behavior as bitcoin’s bears. No matter what the currency does to fight back and protect itself against lowered prices and teetering value, the bears somehow always edge their way in and take hold of the financial reins. Is it fair? No. Is it scary? Yes… Pretty much describes both the attitudes of the bears and the megalodon in the movie.

Now, it would appear these bears have put a serious damper on how 2018 will end for bitcoin. One source explains that while bitcoin is slated to trend higher for the rest of the year, enthusiasts and traders shouldn’t expect it to exceed $8,500 before 2019 comes along. In other words, the limited bull runs of both mid-July and August are likely to repeat themselves in a very literal sense.

As we all remember, mid-July brought a lot of hope to investors when within two short weeks, bitcoin added over $2,000 to its overall value, jumping from just over $6,000 to about $8,400. Many thought BTC was heading back up the financial ladder and readying itself to enter five-figure territory once again, but sadly, it wasn’t meant to be. By the time August had rolled around, bitcoin was back at $6,100 as though nothing had ever happened, and all that progress had simply melted away.

BTCUSD: BTCUSD road to $11KBTCUSD: BTCUSD road to $11K

The same thing happened in August, only this time, the bull run was less impressive. The currency ultimately rose to a high of roughly $7,300, but this action lasted about one week, and the coin dropped again.

It’s unclear if megalodons are still out there. Some scientists believe so, but the topic is up for significant debate. Bitcoin bears, on the other hand, are very much a reality, and make their presence known every day – so much that they’re likely to keep a few fingers in the crypto pool over the few remaining months.

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How Coil Could Impact XRP Price After Recent Pump

XRP holders have been incredibly excited as of late due to the cryptocurrency’s overwhelming performance over the past week, leading the crypto markets as it rose from $0.25 all the way up to nearly $0.80 before stabilizing at its current price of $0.45. XRP investors may now have another use-case to be excited about: Coil. Coil To Accept XRP Payments The reasons behind this meteoric rise have been somewhat unclear, but things like the upcoming Swell conference, hosted by Ripple, and the potential release of Ripple’s XRP based settlement system, xRapid, have been floated as reasons behind the price rise. In addition to being used for Ripple’s xRapid product, investors may be excited to hear that the upcoming launch of a new company, called Coil, may provide even more use-cases for the cryptocurrency. Coil is a recently founded company headed by a former Ripple executive, that allows the internet’s largest companies to effectively accept XRP as a form of payment, expanding its use from simply a settlement vehicle to an effective currency. Coil was launched earlier this year by Ripple’s former Chief Technology Officer, Stefan Thomas, with the goal of using micro-payments to fix the issues that currently exist with online advertisement placement. Coil currently has trial partnerships with sites like YouTube, Wikipedia, and Twitch. Thomas spoke about Coil’s mission, saying: “For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web… Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.” Coil is a direct competitor with the Brave web browser, which utilizes BAT tokens in order to facilitate micro-payments for internet content. Coil is also similar in concept to ChangeTip, an internet tipping app that was popular on social media before it burned through its funding and closed its operations. Coil Could Affect XRP’s Price Because XRP’s recent price spike can be largely attributed to speculation regarding the xRapid being released during the Swell conference occurring in the coming weeks, it is clear that investors are looking to see just how practical XRP is as a cryptocurrency, with many detractors claiming that there simply aren’t enough use-cases that make it a better alternative to Bitcoin or other competing altcoins. That being said, investors may take note of the use of XRP for Coil’s upcoming launch, which could positively affect XRP’s price. Currently, one of the most popular and widespread methods for tipping influencers and content creators on Twitter and Reddit is through the XRP Tip Bot, which has facilitated over 55,000 XRP tips totaling at 72,684 XRP sent in total. Coil would take the concept of micro-payments using XRP to the next level, and, if successful, could prove that XRP is efficient for transferring both large and small quantities of value. Featured image from Shutterstock The post How Coil Could Impact XRP Price After Recent Pump appeared first on NewsBTC.

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