Crypto Experts and top investors say until now, bitcoin is yet to play its game. Bitcoin will hit 30,000$, being consistent with its volatility. Considering the current scenario, the bitcoin game has become a long-term investment.
Virtual Currency has a trait of fluctuating more than 40% at a time. And this may occur more often. Jeet Singh, a Cryptocurrency Portfolio Manager says it is a common phenomenon for any virtual currency. Speaking at the World Economic Forum in Davos, he compared cryptocurrencies such as bitcoin and Ripple to early tech giants like Microsoft.
Jeet said: "If you look at Microsoft or Apple when they went public their stocks were very volatile because the market wasn’t mature." Similarly, the crypto market is immature. The long-time investors and market experts are less concerned about bitcoin's volatility while newer crypto traders are more concerned.
Bitcoin's volatility has steered traditional investors to strike on bitcoin claiming it a "bubble" which will explode soon. Mr. Singh said bitcoin will surely suffer before taking the flight until the market becomes more mainstream and traders begin to better understand cryptocurrencies. Mr. Singh ensures cryptocurrency- bitcoin to hit 30,000$ in 2018 and prevail even further.
Right from starting of bitcoin in 2009, it struggled for value until last year in December 2017 it hit almost 20,000$. Market Capitalization and 24-hour Trade Volume of the cryptocurrency went up exponentially. This stage was achieved gradually conquering one after one milestone.
Price decline: 68 percent
This was the peak of the great Bitcoin bubble of 2011. Prices rebounded somewhat after this initial plunge but there followed a long bear market that bottomed out at $2 in November 2011, a total decline of 94 percent. Prices wouldn't return to this peak again until 2013.
Price decline: 36 percent
After prices fell to $2 in the fall of 2011, Bitcoin prices began to recover. They ended the year at $4.50 and rose to $7.20 in early January. Then on January 16 and 17 prices plunged, briefly falling to $4.60 before settling around $6.25. Bitcoin prices would not regain their previous highs for another six months.
Price decline: 51 percent
Bitcoin prices more than doubled between July 1 and August 18, 2012. Then in a matter of minutes, the price of Bitcoins fell from $15.25 to $10.50. The decline continued over the next two days, reaching a low of about $7.50. The price didn't rise above $15 again until the new year.
Price decline: 33 percent
Early 2013 saw an extraordinary Bitcoin boom. By the beginning of March, Bitcoin prices were already double the 2012 high, and they rose another 50 percent over the next week. Then on March 6, the price collapsed, briefly falling to $34 before rising again to $45.
Thus, there is no critical issue in fluctuating prices of bitcoin considering its volatility. The Scenario that presently is that whenever a fall of more than 10% takes place, due to its high market rate, it's price changes thousands of dollars at a time. Thus Bitcoin is now considered to be a long-term investment in particular: 1-5 Years.
Right from starting of bitcoin in 2009, it struggled for value until last year in December 2017 it hit almost 20,000$. Market Capitalization and 24-hour Trade Volume of the cryptocurrency went up exponentially. This stage was achieved gradually conquering one after one milestone.
Market Trend Analysis
The Virtual currency has been through many rollercoaster ups and downs till now and it is an absolute trend for any cryptocurrency. We will have a look at greatest bitcoin crashes of future:June 8-12, 2011
Peak price: $32Price decline: 68 percent
This was the peak of the great Bitcoin bubble of 2011. Prices rebounded somewhat after this initial plunge but there followed a long bear market that bottomed out at $2 in November 2011, a total decline of 94 percent. Prices wouldn't return to this peak again until 2013.
January 17, 2012
Peak price: $7.20Price decline: 36 percent
After prices fell to $2 in the fall of 2011, Bitcoin prices began to recover. They ended the year at $4.50 and rose to $7.20 in early January. Then on January 16 and 17 prices plunged, briefly falling to $4.60 before settling around $6.25. Bitcoin prices would not regain their previous highs for another six months.
August 17-19, 2012
Peak price: $15.25Price decline: 51 percent
Bitcoin prices more than doubled between July 1 and August 18, 2012. Then in a matter of minutes, the price of Bitcoins fell from $15.25 to $10.50. The decline continued over the next two days, reaching a low of about $7.50. The price didn't rise above $15 again until the new year.
March 6 and 11, 2013
Peak price: $49Price decline: 33 percent
Early 2013 saw an extraordinary Bitcoin boom. By the beginning of March, Bitcoin prices were already double the 2012 high, and they rose another 50 percent over the next week. Then on March 6, the price collapsed, briefly falling to $34 before rising again to $45.