Bitcoin surged to 19,500$ USD yesterday morning, which means it soon stands an extremely strong chance of breaking its all-time high of 19,783 USD, which occurred on December 17th of 2017 - will today be the day?
“Only those who will risk going too far can possibly find out how far one can go.” ~T.S. Eliot
The pump came with a sharp drop back to the regular mid-market price. However, it is quickly returning to an upward trend with another set of pumps. Then, last night the market took a nose dive. Bitcoin was within a couple of hundred dollars of breaking its all-time high prior to the crash.
What will it mean for Bitcoin if it does break its all-time high, will there be massive dumps one after another - or will there be a new high standard for the price of BTC?
It seems plausible that there would be a large dump followed by a return to 20K, and then more or less typically volatile market behavior. I feel it is all the corporate money and influence that has fueled the recent pumps, particularly with Bitcoin after gaining PayPal support, which is only the beginning. This corporate boost would create a new standard for the price. Of course, this is speculation - but it makes sense to me that the numbers will hold as cryptocurrencies gain in popularity.
I’ve never thought of myself as one of those people who believed Bitcoin could easily pump to a million dollars a coin, but I can definitely picture $100,000 at this point. I expect to see cryptocurrencies rise considerably in value over the next year or two. I laugh for those who said Bitcoin was dead; we may very well be just getting started. I believe there is now a “cryptocurrency race” in the corporate world, which extends into not only civilian but government involvement. I know that the IRS will be watching Coinbase users (among other exchanges) very carefully for accurate tax reports.
If the day isn’t today, it’s likely to be tomorrow or the next day. At this very moment, it would take less than two thousand dollars in another set of pumps, and that is it; we are in new and uncharted territory. I would say that the cryptocurrency market has done exceptionally well despite the COVID-19 pandemic, which does make sense with it being a digital currency and everyone resorting to screened devices to automate their everyday living. People’s reliance on their cell phones alone is a strong reason I feel crypto is fated to become a universal standard for a form of currency - if it hasn’t already, it is well on its way.
At just over $520 USD, Ethereum has an extremely long way to go to catch up with Bitcoin; I don’t see that changing until the layer two gas issues are resolved. I find it more probable that another currency would eventually win that race, such as EOS - but I would expect that to take a couple of years, if not longer, to come to fruition due to how long it is taking to adapt people to cryptocurrencies in general. As I’ve often heard with EOS, the main issue is with onboarding; it is a timely process.
In the meantime, Bitcoin remains king and leads the show with a hell of a lot of flex no matter the beating.
Honeygain is now offering Bitcoin payouts as well as PayPal payouts for those interested in earning crypto passively for free. I had my first payout within 12 hours overnight yesterday morning. More and more services are jumping on board with Bitcoin, it seems endless, and I cannot help but love it.
The current Bitcoin pump appears to have been great for most cryptocurrencies up until the crash, with many currencies in ongoing pumps - some having doubled their value in a single day. It would be excellent to see continued boosts as a result of this Bitcoin rally after some recovery - it has created a lot of opportunities for profit for all traders, big and small. I hope everyone makes some sound investments and rides the wave of earnings into 2021.
Stay smart & stay safe.
Questions and comments are always encouraged.
This article was originally published on Voice.com
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