[2017-10-09] Bitcoin Price is Hitting Above $4,500 Again

[ivanpoldark]

Bitcoin price surpassed the $4,500 mark Sunday, reaching $4,614.91 Sunday, posting a market capitalization of $76.662 billion. Bitcoin posted close to a 5% gain in the last 24 hours, during which most cryptocurrencies posted losses.

Ripple and Litecoin were the only other two of the top 10 cryptocurrencies to gain in the period, posting 15.6% and 2.02% gains, respectively. BitConnect, the number 12 crypto with a market cap just over $1 billion, was the only other crypto with more than $1 billion in market capitalization to post a gain, grabbing 4.36%.



Bitcoin commanded more than half of all cryptocurrency market valuation, accounting for 50.03% of all market value. Ethereum accounted for 19.39%, the only other crypto to rank in double digits. Bitcoin had also surpassed the 50% mark earlier in the week.

Bitcoin Stabilizes Crypto Markets

In the past week, the bitcoin price provided the markets with a stabilizing force. Despite falling prey to the mid-week downtrend, the bitcoin price ended the week at $4,335, which then represented a week-over-week gain of about one-half of one percent.

Tuur Demeester, a prominent bitcoin investor, analyst, and editor in chief at Adamant Research, recently predicted the bitcoin price would surpass the $5,000 mark if support towards SegWit2x declines in the next few days. Uncertainty around SegWit2x has held back the momentum of bitcoin and its short-term rally. Several business have pulled out from the SegWit2x NYA agreement and the plan of the Digital Currency Group-led consortium of companies to carry out a hard fork in November.

Since early September, bitcoin’s price has struggled to recover beyond $4,500 due to uncertainty surrounding the Chinese cryptocurrency exchange market and SegWit2x. Analysts have started to demonstrate optimism towards the possibility of the Chinese government resuming cryptocurrency trading.

Hyperinflationary Period Over?

Chris Burniske, a partner at cryptocurrency-focused venture capital firm Placeholder and former cryptocurrency investment lead at ARK Investment, recently revealed that 80 percent of the total supply of bitcoin is now outstanding and that its hyperinflationary period is behind it.

Because there will only be 21 million bitcoins and no additional bitcoin can be created after the supply achieves its cap, only a limited number of investors would be able to hold one full bitcoin.

Bitcoin’s deflationary supply, however, is not an issue for investors and merchants that adopt bitcoin as a digital currency because it is divisible. Currently, many bitcoin wallets and merchants use “satoshi” as a unit, with one satoshi representing 0.00000001 bitcoin.

Investors Flock To Bitcoin

Currently, many investors and traders have invested in bitcoin as a safe haven asset and a long-term investment. But, as bitcoin evolves as a technology and a robust financial network, it will soon compete with reserve currencies, existing banking systems, and traditional assets such as gold.

For the long-term growth of bitcoin’s market cap and price, its deflationary nature will be a vital factor to sustain bitcoin’s upward momentum and demand for bitcoin from the global market.

Several analysts, including RT’s Max Keiser, Harvard academic Dennis Porto, and Saxo Bank senior analyst Kay Van-Petersen, have predicted bitcoin price surpassing $100,000 within the next 10 years.

https://www.cryptocoinsnews.com/bitcoin-price-approaches-record-high-surpassing-4500-mark/

[Lancusters]

All the analysts are talking about the same thing only in different words. I don't believe them. No one can give a reasonable prediction of the behavior of bitcoin. I also think that it will grow because now a lot of people trust bitcoin and hopes that you will become rich thanks to bitcoin. Only no one can know when the whales will begin to withdraw their capital. It can in a short time completely change the situation on the market. So you need to think with your head.

[chr!snes]

Bitcoin Back fast after china ban .

other current need more than 3 months to back but bitcoin was fast

[1Referee]

All the analysts are talking about the same thing only in different words. I don't believe them. No one can give a reasonable prediction of the behavior of bitcoin.

99% of all the self claimed experts and analysts that pop up are nothing more than clowns trying to ride Bitcoin's popularity. Thus far, the only entity that came up with a proper analysis and prediction, was Goldman Sachs. It's almost shocking how close they were to predicting the peak, which at the same time makes me feel they have something to do with it - it's not just a lucky shot. Recently the news was that Goldman Sachs is looking to develop its own sort of trading platform that would allow whatever entity to enter this market. This especially is a big deal considering that it opens the doors for high level institutions to pump millions, perhaps billions into this eco system over the years.

[btc_angela]

All the analysts are talking about the same thing only in different words. I don't believe them. No one can give a reasonable prediction of the behavior of bitcoin.

99% of all the self claimed experts and analysts that pop up are nothing more than clowns trying to ride Bitcoin's popularity. Thus far, the only entity that came up with a proper analysis and prediction, was Goldman Sachs. It's almost shocking how close they were to predicting the peak, which at the same time makes me feel they have something to do with it - it's not just a lucky shot. Recently the news was that Goldman Sachs is looking to develop its own sort of trading platform that would allow whatever entity to enter this market. This especially is a big deal considering that it opens the doors for high level institutions to pump millions, perhaps billions into this eco system over the years.

Correct dude. Actually we may have noticed that is started in the Q2 this year when bitcoin's sudden growth. A lot of so called "experts" emerges. But when you read those articles, its all spin articles with no substances at all. You are referring to Sheba Jafari, which predict that bitcon will stumble from the high of $5000 that we reach in September. Her prediction is eerie and spot on. Though the floor price was just way above what see predicting. But trying to follow her prediction eversince and the last prediction she says that bitcoin can go up to $6000 this year.

[peter0425]

All the analysts are talking about the same thing only in different words. I don't believe them. No one can give a reasonable prediction of the behavior of bitcoin.

99% of all the self claimed experts and analysts that pop up are nothing more than clowns trying to ride Bitcoin's popularity. Thus far, the only entity that came up with a proper analysis and prediction, was Goldman Sachs. It's almost shocking how close they were to predicting the peak, which at the same time makes me feel they have something to do with it - it's not just a lucky shot. Recently the news was that Goldman Sachs is looking to develop its own sort of trading platform that would allow whatever entity to enter this market. This especially is a big deal considering that it opens the doors for high level institutions to pump millions, perhaps billions into this eco system over the years.

Maybe the Goldman Sachs rumors causes the market to be upbeat and pushing the price close to $4600.

Bitcoin will open a new world with Wall Street traders flocking into bitcoin ecosystem. This is really open doors for loads of cash coming our way. Just imagine how much weight Goldman Sachs will bring. And it this rumor came into a reality, bitcoin will be into another level and that would be a lot of money to be made here. When money talks everyone follows so let's hope that Goldman Sachs will succumb to their clientele.

[1Referee]

Though the floor price was just way above what see predicting.

Correct. It may turn out to still become reality, or it was a miscalculation from her in the way that she expected the panic sellers to dump the market further down, while in reality, people preferred to keep holding instead. Either way, it's quite an achievement to accurately predict that the market would experience a massive correction after the peak, which it did, but not as deep as she expected - from here time will tell whether or not we'll still tank to levels close to what she pointed at. I wouldn't mind to scoop up more discount coins.

[satish37]

One of the reason I see being bitcoin a robust financial network is , it will block or put resistance to black marketing and money laundry systems in the coming future because of its accountability , the mind behind is not so simple to be understood, the man behind this  idea must be a Einstein of financial system , it is no  wonder if it cross the land mark of  $100000/- in the near future

[iamTom123]

All the analysts are talking about the same thing only in different words. I don't believe them. No one can give a reasonable prediction of the behavior of bitcoin. I also think that it will grow because now a lot of people trust bitcoin and hopes that you will become rich thanks to bitcoin. Only no one can know when the whales will begin to withdraw their capital. It can in a short time completely change the situation on the market. So you need to think with your head.

In other words, this is just a part of the normal ups and downs of Bitcoin as shown in the annals of the history of our beloved coin. I am sure that many are ecstatic right now as the coin is now surging high and might try to win over the $5,000 mark before having a retreat because of profit taking. How will the coin get affected by the coming hard fork...that is also a factor that can affect the rise of Bitcoin.

For now, let's enjoy watching Bitcoin making headway into the top especially after the tumultuous September where we were barraged by so many bad news especially those coming from China and many bad comments by influential people. Now, the market has already forgotten those episodes and could not anymore be influenced by anybody claiming to be an expert in Bitcoin but is not actually.

Long live, Bitcoin! Let's have a good ride here...a never-ending roller-coaster ride!

[error08]

Bitcoin price is struggling to break $5000 wall and seems fluctuate within $4780-$4800 marks, but it may reach $5K soon or later, today or tomorrow.
Bitcoin price crashed last month due to FUD news from banksters which takes advantage of the "China ban" moment, but apparently they were bought bitcoin in the dips as well. Significant effect of China regulations was ended, bitcoin seems back to the normal trading volume. And China will likely allows cryptocurrency trading in licensed exchanges https://www.cryptocoinsnews.com/china-will-likely-resume-cryptocurrency-trading-by-licensing-bitcoin-exchanges/ But OKCoin and Huobi still operate until today with high trading volume compare to other exchanges across the world, literally; China never ban bitcoin or exchanges.