Bitcoin, the original cryptocurrency, has become an increasingly popular banking method for regular online gamblers and online casinos. The volatility of the cryptocurrency may, however, raise a few eyebrows and cause hesitancy in the future when using it as an online banking option. The cryptocurrency broke the $10,000 (AU$13,208) barrier late on Tuesday, before hitting $11,000 (AU$14,529) just a few hours later on Wednesday.
The volatility of the world’s leading cryptocurrency remains high as prices have fluctuated wildly in 2017. It is not uncommon to see shifts in value of hundreds of dollars within a few hours. In fact, after climbing to as much as $11,395 (AU$15,051) on Wednesday, the cryptocurrency fell as much as 8% throughout Thursday to a figure of $9,000 (AU$11,888). It then climbed slightly and ended the day at $9,200 (AU$12,152), 6% lower than it was trading on Wednesday. At the time of writing, Bitcoin has climbed steadily and is now trading at $9,730 (AU$12,853). This debunks early Thursday naysayers stating Bitcoin had finally hit its “bubble”.
Despite these setbacks, Bitcoin is still trading at a mammoth 850% year-to-date rise. This is down from a previous astronomical high of 1100% from recent months. For the current month, Bitcoin is still trading at a price increase of 40%.
As is often the case, Bitcoin’s sudden fall impacted heavily on some of its other rivals. Ethereum, Bitcoin’s largest rival, fell as much as 19% in the wake of Bitcoin’s fall.
While the recent upsurge in the Bitcoin trading value has caused excitement among investors, most traditional financial experts are cautious about the speed of growth and say this likely signals a bubble.
“This is going to be the biggest bubble of our lifetimes,” hedge fund manager Mike Novogratz was quoted as saying during a cryptocurrency event held recently in New York.
Others have been less dramatic in the critiques; however, they still caution that the current increase is unsustainable.
Whatever the future lies for cryptocurrencies, it can be said that this is one entertaining ride. And if you happen to have picked up a few cheap Bitcoin’s in the past you may find yourself a millionaire shortly.