Bitcoin saw the biggest bump in its price value in past few months, as it shoots past the $8,000 barrier. The last time bitcoin saw a price value close to this was back in May, 2018, and the consistent uptick in bitcoin’s price value is suggesting an upward trend that might overshadow the crypto run it had last year.
According to CoinMarketCap, bitcoin’s value has increased by almost 20% in a single week, and as of the last 24 hours, its price has seen an increment of about 3.9%. These increments in the bitcoin’s value have also have stirred up other cryptocurrencies in the crypto space with slight sudden increments seen in the values of XRP, EOS and Litecoin during the past week.
The major reason behind this upward spike in bitcoin’s value is due to the proposal for the establishment of a bitcoin exchange traded fund by a New York-based blockchain platform. The decision for establishing the bitcoin exchange trade fund currently lies in the hands of U.S. Security and Exchange Commission (SEC). Previously, most of the exchange traded fund proposals for bitcoin were denied by the authorities, but this time around, VanEck and SolidX have teamed up, establishing VanEck SolidX Bitcoin Trust ETF, to back up their proposal, and all the concerns by the SEC regarding the framework are being sorted out.
An unconfirmed report from an ICO journal hints at the approval of this proposal to the SEC. With this bitcoin ETF in sight, the price of bitcoin is expected to sky-rocket very soon, with mark of $20,000 easily in sight. This trend heralds the dawn of a new era in the world of cryptocurrencies.
With the chances of a bitcoin exchange traded fund in sight, investors around the world are stirred up to spend even more money on bitcoin. After the crypto run of last year, bitcoin is seen rising up to dominate the cyptocurrency market once again. Once the bitcoin exchange trade fund is established, a complete revamping of the crypto world might be observed, as people will be able to buy bitcoins without having to go through the intricate buying processes of bitcoin exchanges around the world. With more and more of its influence spreading around the world, bitcoin is going to become one of the biggest factor contributing to the global economy.
The past month has seen an increase in bitcoin’s value way beyond expectations, but this trend is further predicted to be incremental, at least until the end of the year. Ran Neu-Ner, an early Bitcoin investor, sees its value going past the threshold of $20,000. A stable market for the cryptocurrencies will be established by the end of the year, as predicted by Ran Neu-Ner. Talking to CNBC, he also stated:
I think 2018 is the year where the mechanisms to allow retail consumers to get into cryptocurrencies start to open themselves up. The price will become more stable.
A similar trend of sudden upticks was also observed last week, when bitcoin’s value spiked past the barrier of $7,000 in just a matter of hours. Its price value saw an increment of around $700 in a time span of only 45 minutes, as major investors indicated their interest in Bitcoin. As the news of BlackRock, a financial spearhead in exchange-trade funds (ETFs), broke out in the crypto-space, the market trend for cryptocurrencies, specifically bitcoin, saw a sudden upward shoot, opposed to its previous trend in the recent past. Although the CEO of BlackRock showed restraints about investing in this technology, but recently, a special group has been put together by BlackRock to investigate the potential usage and market of blockchain technology, and to explore all the business prospects of blockchain technology.
Talking to Bloomberg, the Chief Executive Officer of BlackRock, Larry Fink, stated:
We are looking at it and as I have said in the past, we are very excited about blockchain technology. That is where we are looking at it even in the Aladdin universe with what we are trying to do there so we are looking at blockchain technologies. We are studying it and we are looking at how they perform and we are looking at that type of data as we understand it as we think about other products but right now, worldwide I have not heard from one client that needs to be in it right now.
In a nutshell, the up-rise in the value of bitcoin is hopping all the barriers in no time. After a month of decline, this sudden and stable uptick in prices is predicting a trend that will take bitcoin’s value way beyond the limit of $20,000, as predicted by Ran Neu-Ner.
This growing upward trend is attracting investors from all around the world, and once more heavyweight financial spearheads and conglomerates start investing, the market for cryptocurrencies will evolve even more rapidly than ever. The market will get more and more stable and investors will get more and more incentivized to enter the investment arena.
Most of the crypto experts across the cypto universe are predicting an increase in the value of bitcoin, and as more and more predictions about the market stability of bitcoin echo around the investors, a plethora of investments will be seen rushing in the crypto world making it even more blooming as a market. We have already seen one such example in the form of BlackRock. As soon as it was disclosed that world’s one of the biggest asset management organization is investigating the usage of blockchain technology and cryptocurrency market, investments started rushing in taking bitcoin to a rise of approximately 10% in a matter of days. More such kind of events are further predicted to happen in the near future.
From a top viewpoint, it might seem that bitcoin is approaching the threshold it was supposed to achieve, with all the declines observed in the past month, but as predicted by most of the crypto experts around the world, this might just be the start as more and more investors are joining in on the game of cryptocurrency, and the associated market is achieving stability more rapidly than expected. As further progress is made, the price of bitcoin is expected to go through the roof in the near future.