On December 7, within a day, bitcoin rose almost 50%, breaking through the $ 19,000 mark and reaching up to $ 19,500. However, the next day it dropped, terrifying investors.
On the 8th, Bitcoin made investors scared about the rest of the day. According to GDAX, the U.S. trading platform, after a brief transit of $ 17,500, bitcoin swiftly declined even below $ 14,500. Quotations in a single day may fluctuate by as much as $ 1,000, or even within an hour.
The price of Bitcoin was less than $ 1,000 at the start of the year and $ 10,000 in early December. It soared to $ 17,000 on Friday (August 8), soaring 70% in just five sessions, The total market value of the currency soared to about $ 289 billion (of course, the market value would change drastically every hour).
The drastic increase in the value of Bitcoin has enticed many people to invest in the currency. However, some people are skeptic about it and think that it is a scam. Some analysts claim that Bitcoin is just a bubble that will burst when there will be no more money to invest in it.
“Many people believe that they will start to sell soon, but at the same time, they will buy in exchanges, so this game is going to be really complicated. This could make Bitcoin drop dramatically. When it drops people will think it’s time to buy before it bounces back. So it is highly unpredictable these days. “It will be a major new tender every electronic shop will go for. It is new technology, which has no real competitors that could try to do the same. Still, because very few people trade in Bitcoin these days, it looks like there are huge reserves, so it could increase two or three more times before it bursts. I believe it will grow to $25,000 this year, then it will suffer a 30 or 40 percent drop, but then it will recover to remain stable at $20,000 or $22,000 and what will happen next is unpredictable,” said Leonid Delitsin, an analyst at the investment holding company FINAM.