Numerous factors play their roles when it comes to propelling or sinking prices of Bitcoin. It happens because Bitcoin outperforms all the other currencies and trade winds influence its prices a lot. But this time, the prices of this currency are on the increasing side.
Over the last month, Bitcoin is up about 30% and almost 50% over the last three months. Right now the price is moving around $950. In January 2014, the prices came close to $1,000 when the prices hit $1,023 and that was just before Mt. Gox-related crash occurred.
This fluctuation is not considered a senseless increase in the Bitcoin prices. At the time of Christmas, the 50% increase in the process seems stable. Despite the events tied to fluctuations such as halving and Bitcoin Core Updates, these are not caused due to any specific reasons. The stock market is doing well on its own regardless of the prevailing economic uncertainty in many countries around the world. Also gold, which is a commodity that usually remains parallel to Bitcoin is down these days.
There is a so specific reason for increase in the prices of Bitcoin, some are considering it the general hype that is commonly seen around Christmas. Some take it as a natural reaction from the halving or it may be a sign that Bitcoin is doing much better than the other currencies. The recent example came forward when Brian Chesky, Airbnb CEO asked for 2017’s product suggestions and accepted Bitcoin payments as a prominent requested feature for the company.
— Brian Chesky (@bchesky) December 26, 2016
The approaching year seems pretty exciting for Bitcoin despite the rumors of its fading payment platforms. But to be on the safe side, it will be wise not to buy or sell coins in hopes of having a quick return.
Via: Tech Crunch