Bitcoin Looking At Another Price Surge

Things are looking up for the biggest cryptocurrency on the market. Bitcoin has seen a bit of a slump since its explosive rise in value towards the end of 2017, but market analysts are predicting another spike in light of recent activity. This rise put it back above $9,000 USD for the first time since March.

Bitcoin rose by just more than a third of its value to hit the $9,000 mark again. Perhaps it was the rumors of a price explosion that drove people to buy more Bitcoin (which in turn helped its value increase) or perhaps it was just random market activity, but whatever the causality it increased nevertheless. This turnaround is a positive sign for the cryptocurrency that saw its value drop by over $10,000 since the start of 2018.

The alternative currency saw a meteoric rise in 2017. It went from just over $1,000 to upwards of $20,000. As things stand now, Bitcoin is still an unregulated decentralized currency platform. Its blockchain is strictly reserved for online monetary purposes unlike the other application development capabilities found on Ethereum’s blockchain. Some analysts believe that imposing some type of regulations will benefit the cryptocurrency by protecting consumers and reaping more benefits. IMF Chief Christine Lagarde is one of the more powerful voices to express a desire for regulation. Any type of regulation will take a while to implement. Who would be in charge? How would the many countries that Bitcoin operates income to an agreement? Would some investors have advantages over others? These are questions facing the financial big-wigs that want to gain control of a market that is circumventing their status quo.

The good thing is that Bitcoin is entering another bull phase. This is when investor optimism helps drive a stock value back up. 2017 was practically a year-long bull phase for the alternative currency. There are highs and lows throughout the fiscal year, but the fact that Bitcoin is back gaining traction is a good sign for investors as well as industries that benefit off cryptocurrency payments.

Part of Bitcoin’s success, outside of consumer optimism, is its applicability to a multitude of industries. Online gambling is a niche for Bitcoin and the currency has become quite popular on many prepaid gambling sites. With perks like exclusive crypto bonuses and provably fair technology (which allows gamblers to test the fairness of their games), Bitcoin gambling has become the go-to for many investors. Bitcoin’s high value adds another advantage for gamblers because their winnings could potentially increase in value without even having to gamble. For example, a user who opts to keep his winnings in an online casino site’s account could see their winnings appreciate in value just based on Bitcoin’s market activity.

Conversely, Bitcoin can fall in value at any given time. Just look at the early months of 2018 and how Bitcoin’s value dropped. The cryptocurrency is still somewhat novel in terms of most people’s understanding. Bitcoin is projected to go even higher than its previous $20,000 USD ceiling this year with some analysts projecting a possible $50,000 valuation by 2020. If that is the case, expect even more Bitcoin applications with gambling, shopping, and other online ventures.