Bitcoin has recently reached more than the 5000-dollar mark in just one night. The Bitcoin price rose to 8% percent from $4780 to $5220. This is the second time Bitcoin approached more than $5000 threshold just before the sudden crash due to China’s crackdown.
Bitcoin observed a small decrease from $4900 to $4780 before catapulting to more than $5000. This happened due to the sudden price surge which occurred in three days. The sudden price increase led to over $530 which resulted to the $4900. One day after that, the $4780 increased $440. The cryptocurrency had a strong momentum but only for a short term.
Bitcoin Price May Further Increase
Many factors dictate the ups and downs of the cryptocurrency. One of which is the effects of the China’s restrictions on the most prominent cryptocurrencies that made the Bitcoin crash to below $3000. This happened in the second week of September. The currency value then rose to new heights a month after. The increase can be traced to other markets opening to having Bitcoin as a legal currency exchange.
Even the Japanese government has recently overtaken the USA regarding being the most significant Bitcoin market. As of now, Japan did a national licensing program for Bitcoin. On another side, Amazon brought in Bitcoin as means of payment in their platform.
Indeed, the Bitcoin price is expected to increase when the time comes for online competitors to warrant the virtual currency into their platforms. Such examples include Alibaba, the most extensive online shopping platform in Asia. There are many branches of Alibaba so even if China imposed strict restrictions, it would be no problem. Indeed, if Alibaba wants to get toe to toe with Amazon, that’s one thing they should consider.
More and more organizations, businesses, and people are considering virtual currencies. If you can remember, at the start of the year 2017, the exchange was below $1000. Thus, following the trend, the Bitcoin value may even reach higher heights next year! As of writing, the Bitcoin exchange is 1 Bitcoin is to 5597.76 US Dollars.