The world’s most trusted decentralized currency is Bitcoin. The market capitalization, increasing price, and popularity among newbies being the significant factors.
The price of BTC is skyrocketing day by day. In October, the price has hit above 5700 USD indicating a strong bullish market.
However, the price trend could not overcome the resistance to break 6000 USD mark.
What caused the upward price movement?
The Japanese acceptance of Cryptocurrencies as real currencies is apparent and had accelerated the bullish trend.
The primary catalyst is the upcoming Bitcoin Gold fork, planned for the end of October. The existing BTC holders during the fork would get the same amount of Bitcoin Gold (BTG). The success of Bitcoin Cash, which is a result of the Bitcoin fork on 1st August, is ensuring investors strong gains. This is the majorly anticipated cause of the spike in the price of BTC.
Earlier, in September, China has banned trading Cryptocurrencies and exchanges had to move out. But, industry experts are confident in China’s reversal of Ban. And a few other positive signs regarding the ban-lift have also played a role in the price movement.
The Good and Bad
Goldman Sachs, an investment bank, is planning to develop a trading platform for Bitcoin and other popular Cryptocurrencies. The interest form the clients provoked the Goldman Sachs to take this step.
Few other investment firms namely Morgan Stanley and JP Morgan Chase are exploring the blockchain technology for possible breakthroughs the trending tech can bring.
Amid the success of Cryptocurrencies that followed Bitcoin, the president of Russia, Vladimir Putin, believes that the Bitcoin massively fuels the illegal activities.
In 2017 alone, the price of the BTC increased five times that of the starting off the year.
If the Bitcoin keeps on performing well and if it ensures it can stand the hard times, no hurdle can bar BTC to touch 10000 USD mark.