Bitcoin has been appreciating lately and has won back its supremacy after two major corrections.
The virtual coin has risen back to above $16,000 despite the allegations that it will drop back to its initial lowest price. Bitcoin has proven some speculators wrong by increasing again these past days. In North Korea the demand of Bitcoin is pretty big, the coin being traded at nearly $19,000.
Julian Hosp, financial analyst, has predicted that the cryptocurrency will reach $60,000 by the end of 2018. Moreover, he is claiming that this year will be a good one for the most popular virtual coin. Also, the growth of the price will come with a growth of the market cap that could reach the size of trillions.
For some specialists, the prediction of the price correction tends to be a little far-fetched and some of them have said that it is unlikely to happen.
The price corrections expressed by analysts are beneficiary for Bitcoin and for the cryptocurrency market, because they can prevent the appearance of ‘bubble effect’ on short-term. For experts, this past decrease of the Bitcoin was auspicious and also very ‘healthy’. Also, some traders have used this price drop to buy more Bitcoins because it was seen as a discount. On long-term, we will come across big increases of the price and small normal drops.
At this level of ‘adoption’, with the development and the growth of the market, a 66% correction is not very possible, but still, the financial institutions start to focus more on Bitcoin.
Nasdaq and New York Stock Exchange, two of the biggest stock markets in the world are on the verge of entering the cryptocoins world.
The NYSE is focusing its attention on Bitcoin. The CEO of the stock market has expressed his regret upon not listing Bitcoin Futures before the rivals CBOE and CME Grop by saying that was a stupid move.