Bitcoin has once again reached another new high as it currently trades above $7,000 per coin! It appears that this is becoming a common occurrence!
Lets look at just how much Bitcoin’s value has increased this year
We have listed the price of 1 Bitcoin as of the 1st of every month this year:
1 January – $963
1 February – $975
1 March – $1,180
1 April – $1,073
1 May – $1,356
1 June – $2,439
1 July – $2,509
1 August – $2,871
1 September – $4,830
1 October – $4,325
1 November – $6,426
The figures are remarkable. If you had purchased just 1 Bitcoin on 1 January for $963 you would currently have made over $6,037 in profit!
That’s a lot of profit for a coin that has received much criticism from the likes Jamie Dimon (JP Morgan) and Warren Buffet.
Can we expect the rise to continue?
It is hard to predict just how much Bitcoin will rise to. Many investors are still stating that Bitcoin is ‘undervalued.’ Nevertheless the climb we have seen since January has been something extremely extraordinary. The fast pace of this rise has taken even some of Bitcoin’s biggest supporters by surprise.
Where does it leave the Alt Coins?
Unfortunately the rise in price has left many of the Alt coins losing value as investors pull their money from the Alt coins into Bitcoins. We saw a similar pattern last month when Bitcoin hard forked, causing the creation of a new coin (‘Bitcoin Gold’).
Bitcoin’s upcoming fork which will create yet another new coin ‘Bitcoin2x’ is due to take place on November 16. We therefore do not expect to see many of the Alt coins (such as Ethereum and XRP) rising until after this date at the earliest (of course the Crypto world is hard to predict!).
What to look out for
If you are trading in Bitcoin then make sure you keep up-to-date with news and events that could impact the price. We have seen gains at an astronomical level recently and this could quite easily reverse (at least for the short term).
Make sure you keep a close eye on the events leading up to and shortly after the next hard fork (as stated above).
Another Coin which could rise
Bitcoin Cash has also seen big gains recently and we expect that this could continue. There has been a lot of positive news and rumours regarding Bitcoin Cash. It is a coin in which we are keeping a close eye on ourselves. We shall post further on Bitcoin Cash in the near future.
We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.