In BriefBitcoin prices briefly dropped yesterday below the $7,000 mark, yet have again rallied closer to record prices. The market will likely remain volatile in the run-up to the next hard fork.
Bitcoin, the world’s first and most valuable cryptocurrency, endured through a brief scare yesterday when it dipped below the $7,000 point. Bitcoin prices fell as low as $6,948.57.
The decline was short-lived, and the currency is now, at the time of writing, trading at $7,487.95, with a daily high of $7,512.32 thus far. Previous days had, once again, seen record-breaking prices reaching $7,601.39.
The market seems to be remaining volatile in the run-up to the next hard fork, when a new code proposal called Segwit2x way create yet another cryptocurrency, Bitcoin2x. August saw a similar split with the creation of Bitcoin Cash (BTC), and more recently another split that created Bitcoin Gold.
Arguments on whether another hard fork is beneficial to the currency, and cryptocurrencies in general, will likely allow prices to remain uncertain.
Experts from Goldman Sachs have predicted that Bitcoin prices may consolidate around the $8,000 price point before continuing to surge onward.
The infancy of cryptocurrency makes it an inherently volatile market. As seen in many examples over the past year, any changes to the market or its potential, especially in the form of regulation, add another source of uncertainty.
There are predictions from experts all along the spectrum, which is further evidence of the uncertainty of the market. The rollercoaster of Bitcoin will continue along the tracks in the dark, taking us all on a wild ride into the future.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.