Bitcoin price: cryptocurrency gains almost 20 points – can it go to the moon? | City & Business | Finances
Bitcoin remains the most valuable cryptocurrency on the market, with individual tokens worth tens of thousands of pounds. The latest estimates from trading platforms put the currency at £ 33,174 (46,005) apiece, a 24-hour gain of about one percent. In the past week, the coin has absorbed nearly 20 percent of its value, causing people to wonder if it is “going to the moon”.
Can Bitcoin “fly to the moon”?
Explaining that a cryptocurrency could “fly to the moon” is the most bullish of all bullish predictions market watchers can make.
Those who confidently declare themselves as such believe that their chosen token will increase in value astronomically.
But that trust is often out of place, especially when it comes to cryptocurrencies.
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Tokens are based on intertwined factors such as market movement and popular culture across celebrities and social media.
This makes them inherently volatile and subject to both unexpected surges and collapses regardless of explanation.
As the most valuable coin in the market, investing in Bitcoin can prove uniquely costly, as each market decline can potentially save thousands of pounds in total value.
Some experts believe the currency can ride its wave to the moon and reach the heights of eclipse in 2021.
It hit a record high of USD 62,223 (GBP 44,868) in April, and cryptocurrency analyst PlanB expressed its confidence that its 652,200 Twitter followers could go far beyond that.
When posted on the platform, they said the coin could hit staggering highs between $ 100,000 (£ 72,108) and $ 500,000 (£ 360,542) according to the stock-to-flow model released in 2019.
On the other end of the spectrum, a similarly prominent analyst told CryptoWhale – who has a Twitter follower of 262,800 – the coin was going to collapse.
According to their calculations, Bitcoin has fallen into a “bull trap” in which temporary highs are accompanied by devastating lows.
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“This is a great second chance to take big profits before the bear market continues!”
Cryptocurrencies have continued to rise despite recent moves in the industry.
A bipartisan budget resolution on a Democratic budget in the U.S. Senate rejected a cryptocurrency tax regime but failed to cut prices across the board.
Prior to the decision, billionaire Mark Cuban appeared to be pointing out that cryptocurrency would bring sustainable growth, and told the Washington Post that shutting down their “engine” would be like “stopping e-commerce in 1995 because people feared credit card fraud had”.
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