November month has been all dramatic for Bitcoin enthusiasts. The SegWit2x was off the road. The Bitcoin Gold, stared as a joke nobody cared much, has racked up the charts with the 5th place in terms of Market Capitalization.
Another hard fork has been announced and named as Bitcoin Ruby. What’s going on? We have no clue.
Bitcoin Price Movement
Earlier this month, the BTC price was 7430 USD and plunged to 6118 USD. Again the rate rose above $7700 the following week. By the end of November, the price just broke 10,000 USD which is phenomenal.
It did not stop there and went on breaking 11,000 USD before World AIDS Day.
Michael Novogratz, a former Fortress hedge fund manager, predicts that BTC will attain 40,000 USD by the end of 2018.
Elements Pushing the Price
Chicago Mercantile Exchange (CME) announced it would launch Bitcoin futures soon. The BTC value surged more than 50% after the news came out on the CME’s decision on October 31.
Also, the free money concept created by the hard forks like Bitcoin Gold and Bitcoin Cash has also fueled the price.
Some of the best Investment banks like Morgan Stanley are tapping on to understand and implement blockchain tech.
Nowadays only a few people deny that Cryptocurrencies are not revolutionary. It shows that day-by-day blockchains are becoming stronger and highly reliable.
Even though there are glitches and issues, people are not backing off trading Cryptocurrencies.
Not only BTC, but all other top currencies saw tremendous value growth which indicates much broader adoption. Given that, the fear of missing out (FOMO) is also playing a significant role.
Many people say this wave is just a baby storm. Some others speculate it could be a bubble but only time can answer that.
Be cautious before investing. Understanding the basics of Cryptocurrencies is very important before stepping on. Otherwise, you could burn yourself.