The Bitcoin Price is Part of the Story
As is usually the case when people discuss Bitcoin, the price takes center stage. That is only normal, as it is the go-to metric for the world’s leading cryptocurrency. Even so, the price only tells a small part of how the Bitcoin ecosystem evolves at any given time. Additionally, the Bitcoin price has become very easy to manipulate, effectively triggering an official manipulation investigation.
With the Bitcoin price losing so much value in 2018, the situation looks dire. Compared to January 2018, the value has dropped by nearly 50%. For short-term investors and speculators, it is the worst possible outcome. Everyone else, however, is seemingly less bothered by the short-term changes. The Binance CEO even stated how this is a temporary trend which seems to occur every year.
Moreover, various experts shared interesting Bitcoin price predictions. Some even go as far as claiming how one BTC will hit $15,000 again later this year. While not impossible, it seems to be somewhat unlikely at this point. With all of the negative momentum, chances of a Bitcoin price increase become less likely every single day. Nothing is impossible in the cryptocurrency world, as stranger things have happened over the years.
Looking Ahead with Positive News
Other than the Bitcoin price, various developments are taking place as well. Bitcoin is set to receive a fair few technical updates in the months to come. Transaction fees are already on the decline, and future scaling solutions will help improve things accordingly. When the Lightning Network will effectively gain global traction, has yet to be determined at this stage.
Furthermore, merchant adoption of Bitcoin as a payment method is also seemingly on the rise. That in itself has been a pressing problem for the world’s leading cryptocurrency. If things can pick up the pace in this regard, there will be a growing focus on paying with cryptocurrencies, rather than investing in them. Such a mindshift will be more than welcome as far as Bitcoin is concerned.
There is also the growing regulatory focus on Bitcoin. Whereas once assumed to be a necessary evil, more people now see the merit of actively regulating Bitcoin. It offers more legitimacy to the cryptocurrency space and may help attract institutional investors. All of these changes combined will eventually impact the Bitcoin price in a positive manner. Last but not least, major trading platforms are venturing into cryptocurrency. That list includes Nasdaq, ICE, ad, and several other key players.
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