Recovering From A Rollercoaster Ride: Bitcoin price Seems To Go Up Again

Nov 15, 2017 at 12:00 // News
Author
Lana Smiley
Bitcoin price analysis

Recent events appeared quite head-spinning for the entire Bitcoin community. The price was falling and rising, and then falling again, even lower than before.

However, now Bitcoin seems to have recovered its position along with its price. After rocketing down to the lowest bottom for the last couple of weeks ($5,600), BTC has significantly improved its position, and its price has increased back to over $6,900.

Generally, it is due to CME Group’s announcement of the launch of its bitcoin futures exchange. The company confirmed that the platform will start its work in December 2017. Moreover, BTC has got itself authoritative supporters, such as a billionaire Mike Novogratz and some other high-profile investors. 

Bitcoin chart 15.11.2017.jpg

Bitcoin Is Still More Effective Than Bitcoin Cash 

Recently, the community had a chance to watch a clash between BTC and its “child” born after SegWit in August. The lower Bitcoin was falling, the higher the price of BCH went. 

According to Andrei Popescu, a lifetime member of the Bitcoin Foundation, and Chief Experience Officer at C.O.S.S. PTE LTD, a platform which encompasses all the features of a digital economic system based on cryptocurrency, “it seems that both Bitcoin and Bitcoin Cash are consolidating their positions.” 

Andrei Popescu

He stated to Coinidol: 

“In the aftermath of SegWit2x apparent failure, funds appear to have found a one-way direction into Bitcoin Cash as a lot of investors were hedging their positions. BTC is already testing some of the resistance levels but more interesting to see during the following days is the confidence of the investors in BCH.” 

However, it seems the “father” is still more reputable and reliable, so the experts anticipate a further increase of its price or, at least, a stabilization. 

Alexis Roussel, a co-founder of Bity, a cryptocurrency broker in Switzerland, trading with bitcoins and ethers, and managing a network of Bitcoin ATMs, told Coinidol:
“Bitcoin mining profitability remains higher than BCH, so as long this is the case, Bitcoin should continue its upward path.”

Alexis Roussel