The outlook for Bitcoin stays robust, Its price is should be to reach $1000. Read more…


Market quotes are powered by TradingView.com


The Live Chart of Bitcoin and Other Major Crytocurrencies

Bitcoin, the world’s favorite cryptocurrency has surged and touche $720 yesterday. The digital currency has been showing some strenghts this year, amid setbacks following multiple hacking incidents. As Bitcoin price continues to rally upwards, the expectations for the cryptocurrency’s performance next year is at all-time highs.

Increasing Usage

Bitcoin is increasing being used as a medium of value exchange than a financial instrument for long-term investments. Even though the cryptocurrency was originally created for the purpose of value exchange, the constant appreciation of Bitcoin has resulted in a deviation from its use case. However, as people increasingly start using Bitcoin for purchases the amount of Bitcoin traded on exchanges will significantly decrease. Low liquidity on exchange order books will lead to increased demand among traders which in turn will lead to an increased value. Also, the implementation of Segwit into Bitcoin Core recently may soon make Lightning Network a reality, which will bear a strong influence on microtransactions.

Increasing Adoption

The gradual increase in Bitcoin adoption is no secret. It is influenced by increasing mainstream acceptance and the implementation of regulations by various governments across the world which has increased its credibility as an alternative to fiat currency. As more people start using Bitcoin, its limited supply will spread the digital currency thin across all users. This will, in turn, create excess demand resulting in increased Bitcoin price.

Increasing Investments

Being an open source, decentralized peer to peer currency, Bitcoin has certain advantages over fiat currency. The digital currency is immune to capital controls and other forms of restrictions generally imposed by governments and central banks on fiat currency. At the same time, the finite supply of Bitcoin also offers a promise of better value in the future. These two factors have made Bitcoin the most favored investment vehicle. It is worth noting that the recent surges in Bitcoin price have been associated with increasing interest among investors due to depreciating Pound Sterling and Chinese Yuan (as an alternative investment option). As long as the governments and central banks continue to impose their will on fiat currency, Bitcoin will be in demand as an investment option.

Increasing long-term investment in Bitcoin will lead to hoarding, which again will create more demand.

Increasing Remittance

The growing Bitcoin remittance or more appropriately known as rebittance indirectly increases the usage of digital currency. Most remittance platforms use Bitcoin in the backend without the customer realizing the role of cryptocurrencies in transactions. Philippines, China, and Korea have already established themselves as Bitcoin remittance markets. With Indian companies stepping into the remittance game in partnership with other firms, Bitcoin remittance is expected to catch up with the second most populous country known for being the largest remittance market soon.

Exchanges and Trading Platforms

Bitcoin exchanges and trading platforms play a huge role in influencing the price of Bitcoin. Traders continue to speculate and execute profitable trades, which will artificially lead to an increase in Bitcoin price.

So far, 2016 has been a good year for the digital currency. With two more months to go and lots of improvements in store for the Bitcoin network, it is quite possible for Bitcoin price to hit $1000 sometime in the next year.

: the article source

GENERAL: THE TRADING BLOG WEBSITE IS FOR EDUCATIONAL AND REFERENCES USE ONLY.

DISCLAIMER:

HIGH RISK WARNING: FOREIGN EXCHANGE, FUTURES, AND OPTIONS TRADING HAS LARGE POTENTIAL REWARDS, BUT ALSO LARGE POTENTIAL RISKS. THE HIGH DEGREE OF LEVERAGE CAN WORK AGAINST YOU AS WELL AS FOR YOU. YOU MUST BE AWARE OF THE RISKS OF INVESTING IN FOREX, FUTURES, AND OPTIONS AND BE WILLING TO ACCEPT THEM IN ORDER TO TRADE IN THESE MARKETS. FOREX TRADING INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. PLEASE DO NOT TRADE WITH BORROWED MONEY OR MONEY YOU CANNOT AFFORD TO LOSE. ANY OPINIONS, NEWS, RESEARCH, ANALYSIS, PRICES, OR OTHER INFORMATION CONTAINED ON THIS WEBSITE IS PROVIDED AS GENERAL MARKET COMMENTARY AND DOES NOT CONSTITUTE INVESTMENT ADVICE. WE WILL NOT ACCEPT LIABILITY FOR ANY LOSS OR DAMAGE, INCLUDING WITHOUT LIMITATION TO, ANY LOSS OF PROFIT, WHICH MAY ARISE DIRECTLY OR INDIRECTLY FROM THE USE OF OR RELIANCE ON SUCH INFORMATION. PLEASE REMEMBER THAT THE PAST PERFORMANCE OF ANY TRADING SYSTEM OR METHODOLOGY IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.