24 hours ago the Bitcoin was exchanging below $3,700. About an hour ago it rose passed $4,000 and has no indications of settling. It’s now exchanging around $4,135.00. For reference, a week ago Bitcoin hit an all-time high as it reached $3,000 for the first time.
Without losing too much of your Saturday evening with extensive analysis, here are a few inherent reasons you can tell your friends during brunch tomorrow.
Two weeks ago Bitcoin performed within a hard fork and stretched out basically unscathed. Sure, a bitcoin-clone called Bitcoin Cash was built, but it’s got a lot less value than most people expected. A few days next Bitcoin locked in SegWit, a code change that fixes malleability results and frees up space in blocks, allowing for more activities to be stored in each one.
These two code-related developments have helped boost conference in Bitcoin’s future.
Another reason the ICO frenzy. The product recently raised via original coin offerings have now at least temporally topped amount established via early stage venture capital. Just last week Filecoin increased $180 million in a few hours. Most investors have to transform fiat currency to bitcoin or other cryptocurrencies to engage in ICOs, which could be pushing up the price(and giving some investors with their first taste of Bitcoin.
Another reason Wall Street’s new craze is Bitcoin. You can’t watch CNBC for five minutes without noticing a trader or analyst give their opinion which is normally something insanely bullish like “it’s going to be the best performing venture of the year”. For better or for worse, comments like these are getting non-technically likely investors interested in Bitcoin, some of which are clearly buying coins for the first time.
So what happens next? No one grasps. Bitcoin could crash 50% to $2,000 tomorrow or spike to $5,000 and we don’t think anyone who truly understands crypto would be surprised at either option. E
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