Bitcoin Price Rallies Again: Racing to $8,000

Nov 21, 2017 at 14:40 // News
Author
Lana Smiley
Bitcoin Price analysis

It seems the $10,000 forecasts were not so groundless after all. Despite a short pullback of the price, BTC is going higher again. At the moment it is traded at some Bitcoin exchanges for $8103. The price is still resembling a rollercoaster with rises and falls that can barely be anticipated.

For example, tonight, the Bitcoin price fell as low as about $7,760, however only a couple of hours later it has won back its lost position. There are basically 3 reasons for this: 

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CME Bitcoin Futures 

The anticipated CME Group adoption of BTC. Wall Street is of great importance to the entire financial world, so it is no surprise that the adoption of cryptocurrency there could have only a positive impact on it as it will attract more investors from the fiat money industry. That’s why experts anticipate an even higher leap from BTC in December after the project is actually launched. 

Rob Gonzales, CEO of UTXO, a company that sells mined BTC from the USA, and Prototype Engineer at LocalBitcoins.com, stated “we might see the price at 10K, and then a correction.” He also stated that despite everything, “it might hit 5K to 5,500 correction.” 

Rob Gonzalez

SegWit2x cancellation 

Yeah, yeah, the news is as old as the world but it still echoes on the price of Bitcoin. Why? It is simple. The community remained integral, there is no more “which-blockchain-is-original” issue, people didn’t lose their confidence in the coin. On the other hand, some miners are still signalling for the hard fork despite its official cancellation. And some people still believe it might actually take place. Spencer Bogart, head of research at Blockchain Capital, told Bloomberg Quint that “some capital is rotating out of other crypto-assets and into bitcoin to make sure they receive coins on both sides of the fork”. 

Lightning-Based Atomic Swap 

The first off-chain atomic swap between bitcoin and litecoin took place last week. It was a test transaction, however, its success might be a significant benefit to the entire cryptocurrency community. Besides, Zap developer Jack Mallers demonstrated a successful mobile wallet for payments based on the lightning network.

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