Bitcoin price analysis-Will it crash after hitting $11,600? After hitting a low of around $ 6000, Bitcoin has almost increased by 90% to $ 11,600. The rise has come just in a period of one month. This is the reason why many of the cryptocurrency enthusiasts, as well as experts, are wondering whether it will again stagnate at the present levels and fall downwards or whether it will continue to rise.
The rise of 90% in just a few weeks is not unheard of when it comes to cryptocurrencies. However, the moment is not that strong currently when it comes to Bitcoin. Many of the countries all over the world are cracking down on the cryptocurrency.
Moreover, investors continue to be trapped at higher levels. This is further capping the upside of the cryptocurrency.
According to some experts, the main aim of Bitcoin is still not achieved. It was launched as a transaction medium. The acceptance of Bitcoin as a transaction medium is still on the lower side. This is the reason why many investors and experts believe that this rise can be pretty short-lived.
Venezuela launches its own cryptocurrency:
Up until now, it was only various companies and start-ups launching their own cryptocurrencies. Venezuela became the 1st country to launch its own cryptocurrency. Currently, the presale of the cryptocurrency is on. This ensures that the ICO market, as well as the cryptocurrency market, is here to stay. This will further provide credibility to not just Bitcoin but also to other cryptocurrencies as well.
This is the 1st time that any kind of assets are being brokered by any country in order to raise money through cryptocurrency. This is the reason why the response of the investors the widely watched. It also remains to be seen whether this cryptocurrency is able to provide good returns to the investors are not.
According to the founder of Ethereum, Vitalik Buterin, while the current rise in cryptocurrencies might be positive for many investors but the volatility is here to stay. We clearly added that the cryptocurrency space will remain hyper-volatile in the near future as well. This means that investors cannot heave a sigh of relief when it comes to cryptocurrency volatility.
As a result, it remains to be seen how high the volatility in the cryptocurrency space is. As of now, the rise in Bitcoin and other cryptocurrencies are pacifying the fear of investors. As this has accompanied by higher volumes, the cryptocurrencies continue to rise.