People have come to expect a bit of excitement with Bitcoin, and the number one currency didn’t fail to disappoint.
The digital currency had another small hiccup over the last weekend before climbing back up, which left many investors and holding on to their hats.
The digital currency fell below the $11,000 mark only to recover on Saturday and climbed past $11,500 today. At the time of this writing, the coin is trading at $11,553.
Investors Appear Confident
Cryptocurrency experts believe that the coin appears to have stabilized, at least for the time being. If there is no negative news in the coming days, we could see Bitcoin climb past $12,000 during the week.
However, few analysts expect the coin to stay above the $12,000 level for long. The mood in the market suggests that investors believe the value to fluctuate from $10,000 – $12,000 unless something major happens to trigger the markets.
Other cryptocurrencies followed a similar pattern where they first showed a major drop in prices over the weekend before stabilizing on Monday. It appears that major alt coins have not escaped the shadow of Bitcoin to become independent entities in themselves. Despite claims by the companies behind alt coins, their prices continue to be influenced by the number one cryptocurrency in the market.
The South Korean Question Linger On
Meanwhile, the South Korean authorities have decided to remain tight-lipped about their intentions regarding the future of cryptocurrency trade in the country.
Hong Nam-Ki, the minister of government policy told reporters that the government hasn’t made any conclusions yet. He reiterated the government’s desire to promote transparency in cryptocurrency trading and monitor it for illegal activity.
Nonetheless, the question of whether to ban crypto trading or bring it to mainstream was left unanswered. Hong said that it was a controversial subject and the government is in no hurry to make a decision.
Cryptocurrency Usage Rises among Millenials
The cryptocurrency usage is extremely popular among the millennials who see it as the currency of the future. Millenials do everything with the help of technology and apps. Whether it is about ordering food online, hiring a taxi or finding employment, millennials find it much more convenient to complete these tasks using their mobiles.
Simon Yu, the CEO of blockchain startup StormX, explained the reasons behind the popularity of cryptocurrencies among the millennials. He believes that millennials are open to adopting new technology in order to create more opportunities for themselves.
Chris Castiglione, the co-founder of One Month, noted that the young people are in a better position to take risks in an industry known for its volatility. He believes that people who are 40+ are more likely to have settled down with a career and family while millennials are still open to experimenting with new ideas like blockchain and cryptocurrencies.
If millennials are indeed the movers and shakers in the cryptocurrency markets, then we can be certain that cryptocurrencies will be around for a very long time.
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