Crypto Analysts claim Bitcoin will surge past $10k
The last several months have seen predictions on Bitcoin from analysts, with various analytic news sources stating that the cryptocurrency could rise dramatically in coming months and jump to $10,000.00 in value per coin. The explosion in volatility combined with oscillating indicators and overbought conditions have created a positive environment for Bitcoin values to surge.
However, there have been cryptocurrency critics that have claimed that there isn’t enough volume data showing to prove the sufficient means to keep this Bitcoin momentum running. However, there are several forces at work right now that is fundamentally changing the landscape for Bitcoin. The list follows:
- Continued Growth: Bitcoin is the oldest cryptocurrency in the blockchain industry. This coin has continued to dominate over the industry and take more market share with each month. During March 2019, Bitcoin has 50.5% market share, and now they’ve got 54.6% market share. Growing by more than 4% in four weeks.
- Stability: The maturity and size of Bitcoin in the blockchain industry have created a level of security that no coin has in the space. During April 2019 the currency had a volatility of only 7.8%.
- Mining: Bitcoin Mining, from recent reports, has become profitable again. The breakeven average for mining is currently at $3,550.00. Meaning more are mining for Bitcoins, and new coins are added into the blockchain market continually.
- Blockchain Development: The Bitcoin Lightning Network is continuously being enhanced by technicians, with several issues that used to plague the network now being solved. In recent months the processing inefficiencies with Bitcoin have all but been eliminated.
- Institutional Support: There has been predominant media coverage on Bitcoin from notable institutions like JPMorgan, Facebook, Samsung and IBM. These stories are only scratching the service of institutional support, as companies like JPMorgan and Facebook are working on their cryptocurrencies with notable crypto tech companies.
- StableCoins: The blockchain and cryptocurrency industry is continually changing. The latest venture in Crypto-land is StableCoins, with currently 120 public projects working on their StableCoin. The market is presently estimated at a $4 Billion value. As StableCoins grow, Bitcoin will also become a household currency and will receive more significant support from notable institutions.
- The Future: As of right now there are 17.67 Million Bitcoins that are in circulation. However, for nearly unexplainable reasons, only 1/3 of these coins will be traded. Due to there being no central bank for Bitcoin, there can only ever be a total of 21 Million bitcoins created. The US Government, European Union & other Governments around the world are looking into cryptocurrencies. By the time that 21 million coins have been created, there’s a chance a central bank could be operating for BTC & StableCoins.
The recent growth in BTC and StableCoins has drawn thousands to the crypto community. Analysts have been supporting claims that the industry will only continue to grow in value. However, the blockchain/cryptocurrency industries have seen impacts before that drop prices dramatically. There will always be a risk when trading with this currency until a Government official central bank fully supports it.
Tom Arran
