One week into 2019, and Bitcoin has soared over $4000 along with many of the other high profile cryptocurrencies in the space. To say that Bitcoin has had some price fluctuation over the course of the few months would be understating the fact that it has indeed been a whirlpool of major ups and downs. The cryptocurrency is now standing at a staggering $4094.68 with a 5.69% increase, but keeping in view the volatility the market has displayed, it is hard to guess where the market is headed from here on forth. The chart below displays the progress Bitcoin has made since mid 2016.
Some of the notable cryptocurrencies whose prices have spiked are Litecoin, Steller, EOS,Monero and Ethereum, with Litecoin at the lead, with upto 10.95% increase in its price since 24 hours.
Granted it has indeed been a few days into the year 2019, but compared to what the market looked like last year in the first few months the price chart still looks abysmal. The digitized currencies hoarded quite a lot of attention at the end of 2017, but all that fame seemed to convert to notoriety due to price fluctuations and volatility. The investors who flocked to crypto in hopes of making a profit seem to have lost of money, however, things might start looking up for them.
The mere fact that cryptocurrencies keep on going through these wild fluctuations causes majority of the population to not put their money and trust in them. Their disinterest in the digitized currencies is self explanatory. The volatility associated with cryptocurrencies has caused people to refrain from investing in them. Also there have been various statements from very famous and influential people like Warren Buffet, who have deemed cryptocurrencies to be sham. For them and the world of crypto is full of uncertainty and mystery and not beneficial monetarily in the long term.
Although bitcoin has been here for almost a decade now, but it is nowhere near to getting replaced as the fiat currencies. There have many numerous companies and organization that have shown interest, few of them have even started Bitcoin as payment for their services. Nevertheless, we seem to be ages away from global adoption of cryptocurrencies. The first and foremost reason being, that governments are hesitant to draw up regulatory framework for cryptocurrencies. These regulatory frameworks are important because governing laws are needed so that illegal operation being carried out through cryptocurrencies can be effectively diminished.
To conclude, Bitcoins value does seem to be rising at this point but it has a long way to go in order to break last year’s record. As time progresses we shall witness whether Bitcoins price will climb all the way past its last high record or is this rise in prices rather short-lived?