The recent rise in the price of Bitcoin BTC has really changed the mood of the crypto market. It was just in the recent times when the crypto market was taking the brunt on the crypto winter, but now it seems the crypto spring has arrived. The crypto price predictions are now entering a positive light. Some think that there is a possibility of BTC to reach the ‘10,000 USD mark’ quite soon.
Clem Chambers, the CEO of ADVFN (a stocks and investment website) says that it is time to bid adieu to the crypto winter. He even added that Bitcoin may reach $6K in the coming time, and may reach $10K mark in 2019. He based his prediction on the fact that there is a growing interest from big countries like China. Demand does play a crucial role in increasing of the prices; we can look at Tether premium as a good example of this. He also added that the money that is being invested in Stablecoins will be another factor that will boost the rate of Bitcoin because- “money flowing into crypto is what sustains and raises prices.” He further added- “new supply to be matched at current levels, more than $3.3 billion dollars have to flow into bitcoin to make it go up.”
On the other hand, there are comparisons being made between Bitcoin and gold. The gold market currently, is worth approximately $5 trillion in market capitalization. Looking at the market capitalization of Bitcoin, it is only 0.18 percent of the gold market i.e. $0.09 trillion. Gold being the traditional investment route and a safety net against the market turbulence, naturally become a favorite of many investors. On this, Chambers referred to Google trends as well as to the financial news to support his view on how Bitcoin is stealing the long-established interest and attraction of investors into gold. He seems to be very bullish about Bitcoin’s potential growth. He further added-
“Bitcoin winter is over, the price is going up, the only question is how high. For now, $6,000 is an easy target and $10,000 a coin this year is not such a hard target. I am still accumulating.”
It is good to be optimistic about Bitcoin’s growth, yet the very recent dip of the world’s largest coin back in December which made it touch the $3,200 mark, can’t be ignored either. It would rather be a wise idea to be a realist and look at the upcoming trajectory of Bitcoin. There are bound to be several price corrections as the price of BTC will go higher up. There are some market experts who are still predicting a dip to the $4,600 mark for Bitcoin.
At the press time, the BTC market price
is $5,225.59 USD with a growth rate of 2.54%. The market
capitalization of the crypto is $92,232,094,845 USD or
17,650,075 BTC. In the past 24 hours, the volume of the
crypto has been $12,111,686,055 USD or
2,327,386 BTC.
Currently, the circulating supply of Bitcoin is 17,650,075 BTC,
with the maximum supply of 21,000,000 BTC.