After peaking at $5,000 on September 1, 2017 and quickly dropping back down, is Bitcoin on the Rise again?
A hard blow to Bitcoins price
Last weekend we saw Bitcoin skyrocket to a new all time high of $5,000. This exceeded all predictions of Bitcoins price gain in such a short span. In only a few days it saw a price gain of over $700, before quickly receding to $4,300 over the next 4 days. By September 4th, the price appeared to be on a downwards trend go where it was sitting at the end of August.
I speculate the large drop in price after hitting $5,000 is due to many quickly selling their Bitcoins, with the idea that it may have finally peaked.
Bitcoin continues to surprise analysts, who expected the bubble to pop long ago. Bitcoin isn’t stopping, though, as it continues to break records on a regular basis. After dropping in price after its record breaking $5,000, Bitcoin seems to be making a bit of a comeback.
Bitcoin on the rise
After settling down to a more reasonable $4,300 on September 4, we’re seeing Bitcoin on the rise again. Only a few days after going back down, Bitcoin started showing signs of growth, ending September 8 at $4,600. The past couple days have been a roller coaster, but the overall trend is in the upwards direction.
This weekend will certainly reveal what to expect of Bitcoin over the next week or two, hopefully getting back up to that 5k mark that is so sought after. Following past growth trends, it seems very likely the sometime in the next week Bitcoin will break another one of its own records.
Other Cryptocurricies follow
Both Etherium and Litecoin have followed the exact same trend as Bitcoin, both of which peaked at an all time high before quickly dropping and recovering shortly after. This shows how much influence the price of Bitcoin has, as other major cryptocurricies seem to be almost directly, albeit delayed, affected by the price fluctuations.
As Bitcoin continues to mature and eventually hit equilibrium, it’ll be interesting to see if all other cryptocurricies equal out as well or if they’ll continue to rise.