popularity of bitcoin dictates demand, means more profit

[upsidedown75]

in my opinion, this is what happening right now as the trend of bitcoin price has been sky rocketing.  what do you think affects the price increase of bitcoin today?

if the demand for bitcoin is high and the more expensive it seems that few people want to buy bitcoin, they will buy altcoin with cheaper price, to be honest with altcoin I have gained a lot of profit.

Well, you may be right but not altcoin will end up giving you profit. A lot of altcoins though have really done great lately, looking at the likes of LTC, Monero, IOTA etc., they have really given some terrible level of profit. However, I would not be too comfortable with them too much as well if i were you as most of them tend to get dumped in the long run after a huge pump compared to BTC with a huge level of support.

[Riddikulo]

in my opinion, this is what happening right now as the trend of bitcoin price has been sky rocketing.  what do you think affects the price increase of bitcoin today?

The more users will make transactions with bitcoin, the higher will be its price. Bitcoin touched a fairly high mark. It's popularity is growing and, accordingly, the price will be even higher.
         

[CHENIEN]

Many people wants to have a lots of digital bitcoin currency, it is becuase of a high appraisal when converted into cash paper. And when it comes to profit, it is profitable of course like as what happen today comparing before on bitcoin price it is multiply by four times today so when you have stocks of bitcoin from the price before and when converted it for todays price it earns multiple profit.

[Biscutard]

Yes, basically the higher the demand the value of bitcoin will increase. .Bitcoin is so popular right now so expect the number of user will increase everyday because many people are curious and interested about how bitcoin works when it come to buy and sell.

I think they were not just so curious i think they were just interested on it when they see how the price sky rocketed too fast within just a small fraction of time when they look at the price before it was like $1000 and now it rise up to $18000. So how do you expect not to buy when everyone is making a money on it.

[jaysabi]

in my opinion, this is what happening right now as the trend of bitcoin price has been sky rocketing.  what do you think affects the price increase of bitcoin today?

Mostly speculation. People are buying bitcoins and expecting to make money when they sell at a higher price.

And the danger in this is that it works until it doesn't. If the only reason to buy bitcoin is to try and sell it to someone else later at a higher price, eventually one of two things happens: 1) you eventually run out of people to sell to because everyone already owns bitcoin, and with no future people to sell to, the price crashes because nobody can make a profit by holding any more; or 2) people realize that scenario one is inevitable and stop buying before everyone owns bitcoin, because the realization that the only way to make money on it is by selling it to someone else at a higher price is an investment structure that is shaped like a pyramid scheme (albeit unintentionally, but unsustainable nonetheless), and the price crashes.

Either way, it seems a price crash is inevitable because Bitcoin's utility as a speculative asset comes to a definite end, and there isn't now, and likely won't be in the future, enough utility in any other use case to maintain the price.

The price has fallen quite far. I'm highlighting the above quote because it's still true. The market has been intensely irrational and people's expectations have been irrational. A stable price is a far more useful attribute than a Bitcoin that fluctuates wildly, or drops from 19,000 to 12,000 in a week but sometimes also goes up that much too. That type of volatility makes it useless, and utility ultimately will determine value once the mania runs out. But the reason so many people are buying is because of the mania, and because they think you can get rich; that Bitcoin can't drop permanently. Read these boards, everyone seems to think any drop is temporary.

That's not how anything works. Anyone who says "Bitcoin is risky, but anytime it goes down is just an opportunity to buy more" is not recognizing the first thing they said: THAT BITCOIN IS RISKY. It's not risky because sometimes it can go down, it's risky because it can go down and never go back up. If you don't accept that as a possibility, or better yet, as a likelihood, then you shouldn't be buying Bitcoin.

[Transformer0101]

in my opinion, this is what happening right now as the trend of bitcoin price has been sky rocketing.  what do you think affects the price increase of bitcoin today?

Of course it will! The laws of economics have been in force for many years. At least many people want  easy mney. Bikoin will buy for interest.

[mrayazgul]

in my opinion, this is what happening right now as the trend of bitcoin price has been sky rocketing.  what do you think affects the price increase of bitcoin today?

Yes its true. Bitcoin's price depends on supply and demand. More the demand increase more the price go up. Peoples are getting curious, and they want to learn about bitcoins , More they learn more they involve with bitcoins so i think demand dictates demand, it can also helps to increase the value.

[Drnice]

With a critical view of the investors in bitcoin as at 2-3 years back and this year, you will see that there is a large difference in it. And today, more and more  people are coming in, investing into crypto currencies heavily, and those who holds a large quantity of bitcoin, holds it back creating scarcity in the market, which makes it looks expensive giving them high profit, and which made it more visible.

[pisston]

With a critical view of the investors in bitcoin as at 2-3 years back and this year, you will see that there is a large difference in it. And today, more and more  people are coming in, investing into crypto currencies heavily, and those who holds a large quantity of bitcoin, holds it back creating scarcity in the market, which makes it looks expensive giving them high profit, and which made it more visible.

I have doubts that only because of the demand the price for Bitcoin rises to this level. Over the past two or three months, Bitcoin has risen by more than 60%, and so I do not think it is because of the level of demand for a coin.

[jaysabi]

With a critical view of the investors in bitcoin as at 2-3 years back and this year, you will see that there is a large difference in it. And today, more and more  people are coming in, investing into crypto currencies heavily, and those who holds a large quantity of bitcoin, holds it back creating scarcity in the market, which makes it looks expensive giving them high profit, and which made it more visible.

I have doubts that only because of the demand the price for Bitcoin rises to this level. Over the past two or three months, Bitcoin has risen by more than 60%, and so I do not think it is because of the level of demand for a coin.

It's hard to determine what short term fluctuations mean in a large sense. One trend that has been fairly consistent is that BTC dominance has been steadily declining for some time. When I started paying attention to this as an important metric, BTC was around 80%. It's been on a steady decline from there, usually not dropping below 50% and rebounding to the 60s when on an upswing. But now it's in danger of falling below 40%. This metric is important because it signals how much money is choosing other alts than Bitcoin. It makes it increasingly likely that a flippening will happen, especially with how bloated the mempool is with unconfirmed transactions and the unreasonable transaction fees that accompany that. Bitcoin becomes increasingly useless day by day with no shortage of suitable replacements that are cheaper, faster, and more useful.

[andrei214]

in my opinion, this is what happening right now as the trend of bitcoin price has been sky rocketing.  what do you think affects the price increase of bitcoin today?

Maybe the popularity of bitcoin has big effects on it.The more popular it is, the more investments and much more people who are going to choose bitcoin.And if that happens, bitcoins price will continue to grow and rise.

[Pepito Manaloto]

Absolutely correct! Bitcoin's market value is just based on its demand from the market. As it gets more popular, it captures more people to engage towards Bitcoin which genwrates high market demand that is making its market value continue to grow and become more expensive. And we all know that as the price of Bitcoin moves  same thing happens on its price so continue living.

[Sled]

Indeed. There is no assurance that bitcoin can give more profit to us if bitcoin is not popular because that popularity is giving demand in the market and we should keep promoting bitcoin so we can expect more popularity and more exposure of bitcoin to the other people then we can just expect that bitcoin will be having a lot of demand for the price to go up and that will surely gave us profits.

[intoy_victor]

Yes, as you said popularity dictates the demand which means if bitcoin is popular and it is proven that if you invest your money you double it because continuous increasing of price. In short, the higher the demand, the higher the price.

[zmkriel]

After bitcoin is well known crypto currency worldwide bitcoin has a large use for transaction. For me this is why bitcoin pumped
Up of today's price because of popularity, demand and the usage. Including the investor's thats more hitted the value of today's bitcoin price. With the help of this said event. It dictates the situation's between Bitcoin price.

Absolutely true. The demands of the people in the market really has a big impact on the rising of bitcoin price. But sad to say that issues can also affect for the price to drop like what happen lately when there is an issue in south korea because as far as i know there are lots of big investors in south korea. Anyway nothing to be scared of, you know. No matter the situation is, bitcoins will still survive.

[Finestream]

Yes, as you said popularity dictates the demand which means if bitcoin is popular and it is proven that if you invest your money you double it because continuous increasing of price. In short, the higher the demand, the higher the price.

Exactly.And the higher it increases its value,the more people will get attracted to it and eventually soon to invest in bitcoin.The more demand bitcoin gets,the bigger the profit we get.So i should say no to panic selling when price goes down,it will only lessen the value of bitcoin.

[pocketfullofpoke]

Yes, bitcoin's price is determined by peoples demand on it. The more people are interested and want bitcoin, the higher the price it gets. Whales are also one of the reasons why bitcoin's price rises or falls drastically.

[Pamadar]

Yes, as you said popularity dictates the demand which means if bitcoin is popular and it is proven that if you invest your money you double it because continuous increasing of price. In short, the higher the demand, the higher the price.

Just like stock the more who wanted to hold the higher the price will be, I think popularity will bring more investors to join the ride, without information and without people behind bitcoin will stay with his current price but if there's a lots of people behind then the game of good assessment will bring decent profits, it will bring to more people if popularity will keep on demand all over the globe.

[Notcalculator]

Kinda sounds like pyramid scheme if you put it that way. Popularity does have a huge impact. But popularity enough isnt enough to keep the prices high. You dont just want new people to buy it, but you want all the people to continue buying it. In the end, i think what makes bitcoin prices relevant is its technology. As long as there is a problem that persists and bitcoin solves that problem then there's no need to worry about popularity, as it will come with it.

[rabs]

Popularity results create awareness in people and people willing to invest,More investment results more demand and it can be fruitful for existing investors because prices go high and earn good profit.