Bitcoin’s Price is Getting Higher Recently But Just How High Could it Go This Year?

The price of Bitcoin has been on the rise for the past month or so and it reached its highest rate in two months which is now over 8,100 USD. Since the huge plummet from about 20, 000 USD to just 5,800 USD at the end of 2017, which was disturbing for cryptocurrency traders, it appears the bitcoin value is getting steady on the rise, increasing with more than 30 % in a month. And the logical question that comes to mind is: How long will that last and how high can it go?

 

The current price upsurge, after its previous crash, has been causing mixed views and opinions. Although most of the investment specialists are convinced there is a firm uptrend and the value is only going to accelerate, others think it is too early to call it stable tendency and also that the bubble is most likely going to burst again.

However, the price of the most famous digital currency is still volatile and dropped below 8,000 a few days ago, still, experts think there would be a definite surge and price stability. Despite the over-night fluctuations, the overall short-term prospect for bitcoin tends to be bullish. When thinking about growing cryptocurrency rates, another question that comes to mind is: What is causing the changes and what is generally affecting the prices? Is it institutional approval, investment company interest, simple pursuit of profit or something else?

It is believed that the most recent rise in the price is mainly due to the several regulations in favor of cryptocurrency market and other positive occurrences, such as incorporation of blockchain and cryptocurrency topics into CFA (Chartered Financial Analyst) exams. The CFA Institute is an organization for education and certification of investment professionals. This institutional recognition will be beneficial for both sides as the crypto market has expanded vastly and the idea of cryptocurrencies is being further adopted in the investment philosophy and on the other hand, it will cause positive implications on market rates. This move will take crucial crypto-world knowledge and exposure of digital assets directly to Wall Street.

There was recently a request for a bitcoin exchange-traded fund (ETF) which was rejected by the U.S. Securities and Exchange Commission (SEC). This was believed to have been another probable cause for the soar of the cost of the world’s largest cryptocurrency (by market value). The approval of the ETF could have opened doors to a considerable amount of new investors, however, the argument of SEC for refusing was that the digital currency isn’t resistant to manipulation. Still, more calls for ETF have been escalating since the rejection.

The world’s largest asset-management corporation BlackRock is also said to be interested in cryptocurrency and blockchain which had caused some uplift of the cryptocurrency costs. Though, the notion of big investment companies looking into crypto markets is not new and is actually a noticeable trend for at least the past 6 months.