21/11/20
Bitcoin’s resurgence is being felt throughout the cryptocurrency and finance industries. It’s anyone’s guess as to where the cryptocurrency is heading next. It’s a lot like riding a roller coaster – you don’t really know what’s going to happen, you just hang on for the ride.
After hitting an all-time high of around $19,700 per in late 2017, the price of a single Bitcoin dipped sharply before bottoming out around $3,200 in December 2018.
The volatile cryptocurrency got hot again over the summer and after riding a few peaks and valleys, it’s been mostly full steam ahead ever since. As of this writing, Bitcoin is trading just north of $18,600 and seems on pace to make a serious attempt at topping its all-time high value.
One study about Bitcoin’s 2017 run claimed it may have been the result of market manipulation. It’s worth noting, no real evidence ever surfaced.
Cryptocurrencies, and Bitcoin specifically, have benefited from recent interest in investment and financial services companies.
Business intelligence firm MicroStrategy bought an additional $175 million in Bitcoin back in September. In October, Square announced it was investing $50 million (around one percent of its total assets) in Bitcoin, saying it viewed the cryptocurrency as an instrument of economic empowerment. Just last week, PayPal started letting users in the US buy, hold and sell four specific cryptocurrencies, including Bitcoin.
