If you have been keeping up with the crypto news for the past few months, you will know that Bitcoin has soared in value. Although the end of 2017 did see the price dip slightly again, it is still doing incredibly well. It rocketed from approximately $1,000 per coin, to more than $19,000, which is a huge 1,800 percent increase. It has been predicted that we could see the price of Bitcoin double or even triple in the coming year ahead.
Tom Lee, the co-founder and head of research at Fundstrat Global Advisors has a good history of accurately predicting what the price of Bitcoin will do. Just last year, he stated that the price of Bitcoin would soar above $10,000, a prediction that became true in December of that year. So, when he said that Bitcoin would go above the $20,000 bracket this year and stay there, it has made investors very excited indeed.
He told CNBC;
“As millennials discover and generate income, they’re going to use it as a replacement for gold…I think Bitcoin is still something you should own.”
So, we have heard about Bitcoin, but what about other popular cryptocurrencies? Ripple is not set to fair as well, despite having a great end to 2017. In just one week, it has plummeted from $2.52, to $1.81. Ethereum has faired differently though, and the price has been steadily rising.
Cryptocurrency expert, Samuel Miranda said;
“Ripple has dipped because Coin Market Cap, the main website which collates and provides an average of price from worldwide exchanges, was not factoring in the price at South Korean exchanges…This dip in price caused market panic and a sell-off. This was compounded when the South Korean government warned it could be calling a vote on whether to ban crypto trading on domestic exchanges.”
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