The price of the Bitcoin is increasing day by day and is likely to surpass by greater heights what financial analysts and markets observers set early last month.
In a report by financial analysts, the Bitcoin was likely to perform tremendously in the online presence by dominating purchases across the online sphere.
True to those words, the Bitcoin is currently trading at over $1,100. In fact, by the time of writing this news piece, this unprecedented cryptocurrency was exchanging at $1,105.18!
According to market observers, the trading price is the Bitcoin’s most successful since January 5, 2017. However, they still believe that soon or later, the Bitcoin will be on its way to break its own record.
Thanks to the prosperity of the Bitcoin, gaming developers are making a lot of real money online casino gambling sites.
The performance of the Bitcoin is a big recovery barely a month after its sales significantly dropped nearly $200 in just 60 minutes. See How Bitcoin’s Price Hit $1,050 As Altcoin’s Uptick Decreased.
Although the cause of the massive drastic drop was now exactly known even after investigation was launched, some say it was because of the market leverage that was over-influenced.
Whatever the cause of the drop, the Bitcoin is now on its way to greater heights with some hinting that it might even hit over $1,200 especially as we approach Easter holidays. You may also like the article Bitcoin: The Future of International Monetary System.
On what has been seen as miracle, the latest sudden upsurge has prompted many to look for ways to try and understand the real cause. Click here to visit the best Bitcoin casinos.
A section of market observers as well as financial analysts believe that the recent ‘miraculous’ increase on the Bitcoin value may be attributed to the ‘pricing in’ of ETF’s ruling that is due for March 11, 2017.
If the ruling is done in favor of the Bitcoin, as many anticipate, then it will become the very first Bitcoin ETF across the U.S. online market, which will then create room for the cryptocurency to trade among many other online investors.
Zhao Dong, an OTC trader also had similar feeling on what might have caused the sudden Bitcoin upsurge. Dong said, “The recent Bitcoin value increase might be attributed to the optimism many people have on the ETF approval. If indeed that is the reason, if by chance the approval is granted, the Bitcoin will still record high prices that what we currently have.”
Market analysts and exchange operators share the same sentiments on the latest price increase.
While most people and groups are hopeful about the approval of ETF, there are those who feel otherwise. George Samman, the Blockchain adviser and consultant is among those who believe that no matter the ETF outcome, the Bitcoin is bound for low value soon.
Samman says that a few days before March 11, the Bitcoin will drop its value.
“Many people who fear the outcome are likely to sell before the decision. This will have a negative effect on the price of the Bitcoin ahead of ETF’s decision,” says Samman.
Whether George or the ‘optimistic’ group is right, time will prove who tell the truth.