Advertisement
fxgiants
Advertisement
24option
BREAKING NEWS : 1 Million Dollar Demo Contest, 10 Round monthly $50,000 withdrawable CASH Prize! + 500K for final 10 Winners! Hurry up, Join Now!
Written by experienced traders and professional market analysts, our Forex technical analysis is just what you need to get an edge in your Forex trading
Advertisement forexmart

Bitcoin hits all-time high

Written by David Cheetham | 2017-10-12 10:36:15 GMT

Bitcoin adds to incredible 2017 gains

The meteoric rise in the value of cryptocurrencies has been one of the biggest stories in the financial markets this year, and with market leader Bitcoin, hitting another record high today, levels of euphoria are reaching fever pitch. There have been a growing number of critics quick to suggest that their intrinsic value isn’t befitting of such lofty valuations but this hasn’t deterred investors from piling in and pushing prices higher. Bitcoin is now sitting on scarcely believable gains in excess of 400% YTD and with a market cap of approximately $84B it is rapidly transforming from a niche alternative asset reserved for computer geeks into something that the wider public are looking to invest in. It is also worth noting that the market share for Bitcoin has roughly halved this year despite its incredible gains, showing that the broader cryptocurrency market has outstripped the pace of growth of Bitcoin by a factor of almost 2:1.  

Will the bubble burst?

Parabolic rises, such as those seen in cryptocurrencies this year, often end in dramatic plunges when the bubble eventually bursts. Despite the amazing gains seen in 2017 there have been two steep declines; one in early July when concerns surrounding a software upgrade saw a drop of just under 30% and more recently when, just last month, China clamped down on both initial coin offerings (ICOs) and domestic crypto exchanges and well publicised criticism from JP Morgan CEO Jamie Dimon sent the market into a tailspin which wiped off around 40% of the market’s value. This latest surge will no doubt serve to reinforce ardent bulls opinion that Bitcoin is the next “big thing”, whilst simultaneously offering cynics further ammunition to support their bubble claims. Speculating in this asset class is not for the faint-hearted, but with large swings comes great opportunities and the high levels of volatility compared to fairly tranquil moves in traditional asset classes is attracting an increasing number of investors into the cryptocurrency market.

Author

David Cheetham
hotforex

Start Trading With Top Industry Brokers

Broker Profile Open Account
xm
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:888
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FSP ,FCA
  • xm
    Markets
  • Minimum Deposit: 100 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC
  • Markets
    Trade
  • Minimum Deposit: 250 USD
  • Leverage of up to 1:200
  • Broker Type : Market maker
  • Regulation : CySEC
  • trade

    Contact us
    fxvnpro@gmail.com
    hangtranfx@gmail.com