Bitcoin Nears $10K, Ethereum Nears $500. What’s Next?

By:

Updated: Nov 27, 2017, 09:49 UTC

Bitcoin price is getting closer and closer to $10K, was trading at approximately $9,715, though price eased a bit to $9312 at the time of writing.

Bitcoin price is getting closer and closer to $10K, was trading at approximately $9,715, though price eased a bit to $9312 at the time of writing. By last summer’s end, big businesses were seen to gain an even greater interest in Bitcoin, likely entering the market on September 15, when the cryptocurrency lost 40%, dropping to $2,990. Since then, any skepticism surrounding Bitcoin, comparing it to the tulip mania and the dot-com bubble, has mostly died out, with media nowadays releasing exceptional forecasts about the bright future of cryptocurrencies, valuing Bitcoin’s future price at around $500K!

Ethereum, Bitcoin’s partner to crime, has surged to $491 on Monday morning, setting another new record. Ethereum is also expected to reach the $500 in the next days.

Naturally, speculative jumps have become all the more aggressive as media mentions, discussions between heads of countries and central bankers, as well as conferences, seem intent on persuading ordinary people not to lose the chance they have now of investing in Bitcoin.

As a pioneer among cryptocurrencies, Bitcoin is a benchmark in this field, though its potential future growth can hardly be predicted with any certainty. This applies to all altcoins. The community seems to benefit not only from news regarding software update or enhanced anonymity but even during conflicts between supporters and opponents of various protocols.

Currently, the market is anticipating that Bitcoin will reach $10K, with the lack of warning signals down to the lack of any doubts regarding further growth. It begins to seem those big businesses intended to profit from it. If this happens, there is a huge risk that big players start taking profit, with news provoking panic and sell-off. The cryptocurrency market currently seems like a playground for Wall Street tycoons, with JP Morgan Chase’s Jamie Dimon ‘looking at business opportunities in the planned Bitcoin-futures market’, albeit having labeled Bitcoin ‘a fraud’ just two months ago.

Once speculation is over, it is very likely that only the real business model projects will remain, such as logistics companies, accountancy or statistics firms reliant on the blockchain.

This article is written by FxPro

About the Author

Ed Andersoncontributor

Ed Anderson has over 35 years of experience in the financial markets, having worked in London, New York, Toronto, Singapore and Australia. Ed provides in-depth Fundamental and Technical Analysis, as well as frequent market insights on multiple asset classes, to the benefit of FxPro clients.