For quite some days now, the mother of all coins has been trading within the $6400 range, currently sitting on $6,479. This is mostly not the case in the past few weeks as this same particular coin proved to be volatile in all angle.
In the short term, it’s easy to assume that nothing is happening with bitcoin; that the currency has hit a point of stagnation, and we’re not likely to see anything happen for some time. It’s easy to label bitcoin as boring, stoic and unmoving.
But this isn’t necessarily the case if you examine how far bitcoin has come over the last ten years. Sources are celebrating a decade of existence for the world’s biggest form of crypto. Having emerged in 2008, platforms like coindesk first began examining its behavior in 2010. During that time, bitcoin was worth roughly six cents, which means the currency has risen a whopping 10.6 million percent by today’s standards. That’s a lot of hard work in such a short period.
While the price may be standing still for the time being, it can easily be said that bitcoin’s influence has been felt all over the world. Investor interest continues to remain strong considering we are now seeing the way paved for bitcoin futures trading, exchange-traded funds (ETFs) and physically-backed bitcoin contracts via Bakkt, set to make its official debut next month.
However, many people predicted the downfall of Bitcoin but the digital currency seems to have decided not to go by their prediction, thereby making a name for itself as the most unpredictable assets in the world today. In 2017, more participants in the crypto game could be observed when the digital asset traded for nearly $20,000, this alone caught the interest of people who had no interest in the crypto industry. During that period, many people hopped into exchanges like coinbase with the aim of getting small piece of the action, but it wasn’t long before the currency’s price entered a period of rapid decline, and some analysts think this will take a heavy toll on what the future holds.
Though hard to set our sights on ten years from now, it can be said that bitcoin has already been outdone in some areas. Then again, the currency’s price remains significantly higher than the mentioned competitors, so maybe there’s hope for it after all.