The recent fall of Bitcoin and the other cryptocurrencies created suspicion for many, especially after the warnings of the entire Bitcoin market being a bubble. While no one can know that for sure, Bitcoin has once again spiked and confirmed that the digital currency has a massive potential.
The new figures from Bloomberg show that the 500 richest people in the world expanded their wealth by an astonishing 23% during 2017 – rising from $4.4 trillion to over $5.3 trillion combined. One of them is Jeff Bezos, the founder of Amazon.com, who had the best year and gained over $34 billion. This made a lot of people ask themselves if any of this wealth has to do with Bitcoin.
The digital currency has now dipped back to $16,122 and is currently sitting at a $270 billion market cap. According to experts, this sort of volatility is typical for the cryptocurrency, however, it is also something that is worrying the market.
According to analysts, the price of Bitcoin has fallen over the past few weeks because:
- Israel became the most recent country that proposed banning companies based on digital currencies
- Cryptocurrency exchanges have been disabling transactions due to high traffic
- The professional traders on the exchanges seem to be going short on Bitcoin
Despite all this, it seems like Bitcoin is again surging and will surely reach new heights before New Year. Some analysts even predicted that Bitcoin’s price will reach $50,000 by 2019 – but no one could know that for sure.
If there is anything good in the Bitcoin sink that happened a week ago, it is the opportunity to invest in the cryptocurrency and buy it at a low price – just like many other altcoins.
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