2017 was a huge year for Bitcoin and 2018 could be another big year for the crypto currency. The last 12 months saw Bitcoin rally from under $1000 to a peak of just below $20,000. The sort of price rise which puts traditional markets to shame. As we enter 2018, other crypto currencies such as Ripple, are also gaining in popularity, yet Bitcoin, the original virtual currency is entering its 10th year in existence. Let’s take a look at what might be in store for Bitcoin.
Predictions for the price of Bitcoin in 2018 vary widely. Analysts are forecasting that the price could rally possibly beyond $50,000 or on the other hand, the bears are suggesting that something closer to $5000 could be more likely. Meanwhile, those acknowledging the volatility within the Bitcoin market are saying that both $50,000 and $5000 could be hit. If past performance is anything to go by, then maybe they aren’t so far from the mark with such a broad range. Just in the final weeks of 2017 bitcoin hit its record high of $19,783, before dropping to end the year at $13,889.
The first week of 2018 has seen investors taking a breather from Bitcoin and look towards alternative cryptocurrencies such as Ethereum and Ripple, with a Ripple actually increasing in value by tenfold over the last month alone.
However, despite the pull bank in Bitcoin, interest is still high, which is likely to go some way at least to keep the price supported. Last October 2% of US citizens owned Bitcoin, polls from October suggest that Americans are interested in purchasing with 19% suggesting they will do so within the next 5 years. This would be a tenfold increase in the size of the market from today’s level.
Perhaps one of the key things to remember here is that predictions made by analysts regarding Bitcoin have so far been rather inaccurate. Just looking back to the end of 2016, analysts predicted $1,500 and then $3,000 by the end of 2017. On both occasions they were wrong and could be wrong again for this year.
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