Every thing has pros and cons and crypto makret especially bitcoin has a high risk factor. It moves both up and down beyond thinking of any one. From couple of months there were a lot of FUD or bad news seen with a big btc price down fall. Now the wait is over now bitcoin starts flying but with a short dumps periodically.
If we talk about its graph, it fell down just because of FUD and some bad news. All FUD from different countries is over and most of them are accepting it though some regulations and some restrictions. It can be seen that its price started to increase from Wednesday morning with positive hearing from U.S. Senate on Bitcoin and crypto. Crypto total market capitalization increased from $325 billion to $385 billion in just one day, remember around $550 billion wiped of from November . And expected to incline further with pricing dumping also.
Some pundits and experts predicted that this year bitcoin will cross $45,000 and market cap will cross $1 trillion . It is possible if we talk about January 2017, its price was in dump greater then Jan, 2018 but last year it crossed $19,500. Plus point for this year is that most of the countries legalized and are legalizing it with some regulations. Other alt coins are also fighting for sustainability in crypto market by joining the big brands and improving their technologies.
Bitcoin price increased to $8,258.72 at 08:10am GMT, on Thursday. Lloyds told its eight million credit card customers on Monday that they are not allowed to buy cryptocurrencies, it is also one of the reasons causing the price of bitcoin to fall even further from its mid-December high of $19,187. Other UK banks are expected to introduce similar legislation within the next few weeks.
Co-founder of Winklevoss Capital, Tyler Winklevoss said bitcoin is “gold 2.0” and the cryptocurrency could reach a capital appreciation of $7 trillion. Now the market started again decline except bitcoin but this will be for just short time until another FUD not arrived.
Here some improvement required in bitcoin to survive in the digital market. As it started with slogan as fast peer to peer transaction and low fees. Currently it is opposite, slow transaction and high fees. Ripple is centralized but fighting like working with Moneygram since last month and trying more for acceptance to world. Xrp price is down and further it will be down but it can be back as in November, 2017.