Bitcoin Forum

So, I was on Coinbase this morning and I saw that Bitcoin  had raised up to $1K!

Does anyone know why the sudden change? This happened before and it crashed back to $300. Do you guys think it's likely to happen again? Or will it be more stable this time?

this "change" has never happened before. the price happened. but last time that you are comparing things with was a "sudden rise" over a very short time (i think it was less than a month) and price went down to $200 afterwards.

and now the same price happened but it took 2 years (if you compare it with 2013 then it took 4 years) to get here.

so no i don't expect it to go down at all.

But question posed which I also want to ask is, why it is going up so fast? I mean it was just days ago when it was in the 700s and now it is almost 1050, what is causing this?

The more fucked up/unstable the world gets (especially in terms of economics), the stronger bitcoin will be, assuming the government doesn't try too hard to censor it. 

For example, take a look at this article: http://www.coindesk.com/suspense-lingers-bitcoins-price-eyes-1000/

it wasn't 700s it was 790-800 and it took 12-13 days to go to $1000 and it is a big rise but my guess is that it was because price was kept down artificially. if you look at the charts the $700s took more than 2 months. and another things is that when price of bitcoin goes up there is a lot of media coverage and that always leads to more investors coming in and even old ones waking up from their winter sleep and start buying (rapid growth  in demand).

I think Bitcoin's value is going to rise continuously,Bitcoin is getting stronger day by day.I think it will stop at 1200$in February and will become stable around this price.But I am only guessing,nobody knows for sure.

I will totally agree with you because comparing the past with the present is not totally right in the sense that they represent different scenerios and times have changed with various development and exposure happening between 2013 and 2017. Also the surge op is referring to is a graduated one and not an overnight surge in which I am of the opinion that if we are going to experience the downfall, I expect it to be graduated as well...

There has been a recent surge in price but this has been coming for a long time. Check out the price graph of the past two years, it's been slowly and healthily climbing back up, this time now it should stay and continue to grow.

Like I said, "Past Performance Can't Guaranteed Future Results". 8)

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Why bitcoin just had an amazing year?

When surprises happen, people buy bitcoin.

When Greece threatened to leave the European Union in 2015, investors surged into the digital currency. The same thing happened when Britain voted to leave the European Union last year, and when Donald Trump defied polls to win the U.S. presidential election. Recent economic surprises in China, India and Venezuela that threatened to destabilize those countries’ paper currencies sparked an interest in the digital alternative as well.

That’s why Chris Burniske, an analyst at ARK Investment Management, a firm that invests in disruptive innovations, has termed bitcoin a “disaster hedge.”

“People are using it similar to how they use gold,” he says. “They use it as a risk-off trade when they’re concerned about what’s going on in the capital markets.”

Last year held plenty such surprises for investors, and they collectively helped make bitcoin the best-performing currency of 2016, analysts say. The currency’s value more than doubled in 2016 to reach $1,029 on Tuesday, a three-year high, as data from CoinDesk, a bitcoin-tracking website, shows.

https://www.washingtonpost.com/news/wonk/wp/2017/01/03/why-bitcoin-just-had-an-amazing-year/?utm_term=.23097fe720ae

It comes down to socio-economic stability from what I know.

Considering that we're essentially looking down the barrel of a lot of bad economic issues and potentially a very, very bad recession, there is a large interest in taking money out of insecure fiat and moving it to something a bit more valuable and secure.

Makes sense for the most part, but I'm surprised it's appearing to be this bad, considering a year ago we were valued at about half of this.

There seems to be two factors pushing this increase in the price, namely : A - Chinese users using Bitcoin for capital flight in a uncertain Chinese economy and B - Bitcoin performing very well as a double medium currency/commodity and traders and investors picking up on that.

We might just see a bright future for Bitcoin in 2017.

It's been a long time coming!

This is probably why the growth this time around seems to be occurring at a slower, more steady rate. People are buying more into Bitcoin out of necessity instead of buying because of hype.
I personally do not think that we'll have the same situation as the last time, which the bubble bursting at around 1200 dollars. Time will tell...

2017 might still be another good year for bitcoin as many predicted another all-time high performance. But it might also face some corrections or price dips before resuming its upward movement as favorable factors that support bitcoins are still there.

it simple, bitcoin previously was massively dumped, and all the value that it had under $500 were basically fake, if big istitution begin to enter in play you will see an unprecedent skyrocketing

i still believe that bitcoin is undervalued for what it offer and by the end of this decade 2k will be probably the  new bottom

one thing that people should pay extra attention to (specially those who are new to bitcoin and want to buy their first batch) is that there is a big difference between correction and crash.

a correction is a normal price fall after any type of price rise in any market, and it is because traders want profit and they sell their assets to take the profit and newbies usually panic when they see this which only means more profit for the whales and experience traders who buy their panic sells.

a crash however is a huge price drop to prices much lower than support levels and going lower and lower. and crash only happens in case of a bubble or some bad thing with that asset not randomly.

You should consider doing a little research, you would notice the run up back then was driven by a lot of different factors.

This time the run up has been gradual and each new level achieved has reached a bottom then kept going up, it's not to say that it wont have a drop (Bitcoin always has ups and downs) but this time is far different.

For example it stabilised at $500-600s for a long time before moving, while back then it hiked near instant

It is not really a sudden change. The price has been steadily rising and it didn't just suddenly jump up. This situation is unlike 2013 when the price of Bitcoin crashed because this time, the price has risen up over a much longer period of time. Hopefully it doesn't crash though.

That's what I keep saying. We know pretty much for a fact that the price shouldn't collapse this time because of why we're here in the first place. Last time we got here from $200 in one month. That's insane, which is why the price then crashed all the way back down. This time it's been a slow healthy climb up to where we are, which is why we shouldn't come crashing back down.