The Rise of Bitcoin: A Brief Overview
Bitcoin’s journey has been nothing short of a spectacular rollercoaster ride, with the cryptocurrency reaching dizzying heights earlier this year. As the crypto market descends to approximately $80 billion, with Bitcoin dominating the scene at 46%, discussions are heating up about the potential for a bullish rebound.
Momentum Building: A Potential Price Surge?
Bitcoin’s early surge, particularly touching $2,000, has left investors buzzing. Some experts speculate that if the top players in the market collaborate to tackle Bitcoin scaling issues that might occur come September, we could witness prices skyrocketing between $4,000 and $5,000 before the year concludes. Who wouldn’t want to see that kind of excitement?
Analyzing Market Dynamics
The lifting of the withdrawal ban on Chinese exchanges back in June undoubtedly gave Bitcoin a shot of adrenaline. The price hitting $2,500 before June’s end suggests a promising outlook as we head toward 2018. When digging into moving averages and market cap predictions, it looks like Bitcoin could settle over $50 billion by May, assuming a stable supply of 17,062,500 Bitcoins.
The Power of Publicity
The digital currency undeniably has lifestyle goals, thanks to the publicity from the infamous WannaCry ransomware incident. That whole debacle sparked a wave of curiosity about Bitcoin, leading many to ponder, “What on earth is this Bitcoin everyone’s talking about?” And let’s face it, who wouldn’t be a little intrigued when hackers make headlines? It feels like an unintentional marketing campaign!
Answering the Million-Dollar Questions
So, people are wondering: What is Bitcoin, and how does it really work? Surprisingly, many still struggle to answer these fundamental inquiries. A fraction of Bitcoin’s price rise can be linked to the sheer curiosity and quests for knowledge among the masses. More questions lead to more interest, which in turn fuels demand. And we all know what happens when demand spikes—price goes up!
World-Wide Interest: A Global Phenomenon
Post-hack, Google Trends revealed Bitcoin skyrocketing to the fourth most searched term in the US. In fact, it reached a peak interest score of 100 globally right around May 15! Reports from across the globe show countries like Bolivia and Singapore vying for the top spot in Bitcoin interest. Today, South Africa takes the crown, with Nigeria hot on its heels. Talk about a bitcoin bonanza!
Looking Ahead: What Will 2017 Bring?
What does the future hold for Bitcoin in 2017? Kumar Gaurav from Cashaa notes the cloud of uncertainty surrounding the long-awaited SegWit activation carries its own weight. Yet, despite the hiccups, the year has been phenomenal—jumping from just below $1,000 to flirting with the $2,000 mark. Could the buzz around SegWit adoption boost Bitcoin beyond previous heights? Current signals indicate a whopping 87.8% support, setting the stage for potential new all-time highs.
The ICO Effect: Friend or Foe?
The ongoing ICO trend also plays a significant role in Bitcoin’s fate, as many of these tokens hinge on both Bitcoin and Ether. Whether it’s cashing out Ether for Bitcoin or vice versa, it all impacts the cryptocurrency family dynamics. Large ICOs relying solely on Ether might pave the way for Bitcoin to shine even brighter, further fueling that potential price hike later this year. After all, sharing is caring, right?
