The world’s leading cryptocurrency bitcoin has taken the entire financial world by a storm as it has spiked passed the massive $10,000 price mark. At the time of writing, bitcoin is standing at around $11,340 while showing a mammoth 9.52% increase in the past 24 hours alone.
The asset even broke the $11,000 mark on its way up before coming down to the current level. With this spike, all the investor-eyes are now set on this booming digital asset. Expectations are being built around it for achieving an all-time high (ATH) price level and when it comes to the crypto twitter community, it has gone into a frenzy.
Here are some of the voices coming out of this space as some big names are talking about this massive bitcoin spike:
When 20k new ATH? $BTC
— Justin Sun (@justinsuntron) June 22, 2019
When bitcoin hit an ATH back in December of 2017, it resulted in a lot of people getting huge profits in a very short amount of time. The asset rose from a few thousand in price to almost $20,000 within a matter of weeks.
How many return to ATH of $btc have you seen? Other than the digits being different, the community reaction is so similar, everytime.
— CZ Binance (@cz_binance) June 22, 2019
— Binance (@binance) June 22, 2019
There are people who still think $BTC has not found a bottom. Wow.
— The Wolf Of All Streets (@scottmelker) June 22, 2019
There is no physical backing of bitcoin and since there is no peg to any commodity, bitcoin’s price is purely based on speculation. One of the major repercussions of its price being based on speculation comes in the form of FOMO, short for fear of missing out.
The mainstream media reporting on $BTC hitting $10,000 will cause a wave of nocoiners to FOMO in. 🌊
We can amplify that by getting the hashtag #BitcoinIsBack trending. 📣
Reply to this tweet with #BitcoinIsBack and let’s see if we can put Bitcoin on the front of Twitter. 🌎
— The Crypto Dog📈 (@TheCryptoDog) June 22, 2019
“Bitcoin millionaires” were also seen after the bull-run showing off their timely gains, although there were also many investors who lost huge amounts of investment due to untimely investment. As the price is now rising up again and bitcoin is seemingly stepping into a prolonged bull-run, every investor is trying to figure out the perfect buying window.
If you like $BTC at $10k than you’re really going to love when BTC closes above $11,700…
And resumes running through every resistance in its path to new all-time highs
Nothing sensational about this just look at the chart
Little will stand in the way besides profit taking
— Josh Rager 📈 (@Josh_Rager) June 22, 2019
A strong FOMO is currently being developed around the asset. With the fear of missing out on a once in a lifetime opportunity, more and more new investors get attracted to this uncertain and nascent space. As more people step in and the adoption increases, bitcoin’s price rises even further based on the simple supply-and-demand principle.
Bitcoin has risen from the lower $4,000s at the start of April to over $10,000 now, it is quite probable that the perfect buying window might just have already passed. OR, the prediction that John McAfee makes of bitcoin being worth more than a million dollar might just be slowly coming true.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. – John McAfee
Next year, an event known as “halvening” is also coming in the bitcoin ecosystem. It will result in mining rewards getting cut by half thus reducing the number of bitcoins being brought into circulation. This is expected to drive the price of the asset further up.
All in all, the bitcoin ecosystem has shaken the entire market with its sudden outburst. Bitcoin bulls are coming out in numbers to support the asset’s credibility. With the kind of speed at which it is progressing, bitcoin gaining an ATH and breaking the 2017 record might just be becoming a reality from here on. The bitcoin world is too unpredictable, no one knows what is going to happen next. Thus, anything can happen now, ANYTHING. Hold on to your seats.