- More on Bitcoin
The price of bitcoin inched closer to the $7,500 mark after its lows over the weekend. At 13:16 UTC, the cryptocurrency was trading at $7,460.70, an increase of 2.5% within the last 24 hours.
Bitcoin Cash, which was mainly responsible for bitcoin’s decline over the weekend, slid by 15.73% to $1074.63. (See also: Bitcoin Price Falls As Bitcoin Cash Gains.)
Most digital currencies listed within the top 10 most-traded fell. But the overall market capitalization for cryptocurrencies reached a new record high. As of this writing, it was worth $221.3 billion, up from Wednesday’s $219.6 billion.(See also: Crypto Market Cap Hits Record High After Bitcoin Price Rises.)
According to Michael Brown, a research analyst with LendEdu, bitcoin’s price could go as high as $196,165 per coin. He came to that conclusion after conducting a survey. But there are several caveats to that figure. For starters, the survey was limited to just 564 people. It is also predicated on massive adoption numbers of the digital currency by Millennials to the point where it replaces national currencies in certain countries.
Bitcoin Price Skyrockets In Zimbabwe
While that figure may be fantastic, some of the developments anticipated by Brown are already occurring in a limited manner. A recent survey found that Millennials were more likely to invest in bitcoin as compared to Baby Boomers. The price for bitcoin has also skyrocketed in troubled countries such as Venezuela and Zimbabwe.
According to reports, bitcoin’s price hit $13,499 after a military takeover of Zimbabwe’s capital city of Harare. The surge in bitcoin’s price is driven by investors seeking safe haven from the nation’s troubled financial system, where hyperinflation is rampant. It might be a while before the cryptocurrency becomes valid exchange for daily transactions, though. Golix, the country’s bitcoin exchange, has recorded only 146 trades in the last 30 months.
But these are developments that may affect bitcoin’s price in the future. Within the short term, the cryptocurrency’s price movement is fueled by, among other things, media and government attention and mining capacity. A hard fork in Bitcoin Cash’s blockchain had attracted miners to the cryptocurrency and was reportedly a reason for a downward slide in bitcoin’s price over the weekend. However, bitcoin has since slowly but steadily regained lost ground.
Morgan Stanley CEO James Gorman told CNBC that bitcoin investors are “deluding themselves.”“Something that goes up 700 percent in a year – it’s by definition speculative,” he told CNBC. “So anybody who thinks they’re buying something that is a stable investment is deluding themselves.”