Bitcoin prices are on the 9th cloud these days. The price escalation is nothing new when it comes the cryptocurrency. It all started from US$ 0.008 during 2010. However, now the unit price of the cryptocurrency is over US$ 8,000. Moreover, this currency saw another hike of 4% on 13th January 2020. The amazing fact is that it took merely 2 hours for Bitcoin to reach to this point. By 09.45 PM on Monday, the prices were already reaching the mark of US$ 8,300. By the end of the day, the price was surpassing the US$ 8,495. Over the next few days, the prices shall grow even higher and are expected to showcase a bullish growth.
What is Stimulating this Growth?
Bitcoins are one of the safest cryptocurrencies in the world. This makes a huge demand for the currency in business sectors as they can reduce the threat of frauds and defaulters. Moreover, the transaction medium used by this currency is also considered as one of the most secure media. This is also a major factor that boosts the demand for this cryptocurrency Furthermore, the development of several technological platforms where the currency plays a crucial role also propels the growth of Bitcoin prices.
What Does Industry Experts Think of This Growth?
According to Tim Enneking, the bubble of this growth is temporary and can burst out at any time. Enneking is the Managing Director of Digital Capital Management. However, this does not seem the case for the past few years. All the currency is witnessing is forward momentum. Especially in the last five years where Bitcoin’s prices are nothing but growing. Following the traits of growth, the market price of Bitcoin at present is US$ 8,648 and still growing.
So, if one has a pile of Bitcoins with him, experts would suggest to hold on to them for a bit longer. And once they reach to the mark of US$ 9,500 its better to sell some of them.