After a very great run for cryptocurrencies in the previous weeks, will it go south?
Bitcoins surges like no other in terms of price
We all know that the so-called “bubble” is present in almost all kinds of markets. Just like Tulipmania, it is a scandal that happened in the 17th century. The first ever major financial bubble.
Surging in terms of price, investors became mad in terms of buying tulips, thinking that it will not stop from rising. Its price then exceeds the annual income of skilled employees per single flower.
With over 4000 florins being sold in the Netherlands. Without them knowing, the price stumbled quickly over a week course, leaving tulip holders bankrupt.
Bitcoin and other cryptocurrencies or Altcoins are almost unstoppable in the bullrun making other investors worry about the incoming downtrend. For some, bitcoin will just take a breather.
Will it be only taking a breather?
There are lots of incidents that happened that might create the opportunities for bears to strike and beat the bulls. Some of these are the cryptocurrency ban that happened in various countries such as Nigeria and Turkey.
In addition to the said issue, money laundering, and other issues involving illegal activities using cryptocurrency is making another move due to its untraceable transaction data.
Thus, making cryptocurrency unpleasant in the eyes of some investors. On the other hand, technicals are seeing a need for breather for it to reach the rumorred US$100k per bitcoin.
Cryptocurrency demands are surely surging, especially the bitcoin which is referred as the king of cryptocurrency.
Last week, bitcoin surged to a record high of US$60,900 and other tokens such as ETH hit US$2,529.
Effects of this in the coming future
While tension rises among bitcoin and other cryptocurrencies against the government with respect to legalities, investors are still hoping for more stable and constant increase in price for we are living in a more advanced form of technological world.
Will bitcoin and other cryptocurrency continue and reach its predicted prices? Or, will history repeat itself just like that of the year 2017?
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