Pretty much everything about Bitcoin and other digital currencies is and feels different from ‘’real life’’ currencies where you exchange something with physical characteristics. Here, there are no coins, no paper money, there’s no government to issue and legalize it.
It is traded almost exclusively by the so-called ‘’retail traders’’ but it is also, very surprisingly so, high up on the list for weekend trading – which the time of the week where almost no trading takes place.
It seems that for the third time in a month, third weekend to be exact, Bitcoin price volatility and trading volumes have reached its ultimate highs. This happened over the weekend, which is unusual, to say the least, considering that there is virtually no trading during that time when it comes to major currency pairs.
Bitcoin has been following a path of a steady upstream movement where it rose from 10% two weekends ago to 43% previous weekend and finally this weekend has been the highest ever. Bitcoin has neared its almost magical price of $3,000 on Sunday – which was perhaps even reached if we take certain Bitcoin exchange data into account.
Today, Bitstamp data is reporting and an all-time high of $2,960 with small fluctuations happening.
If we take a look at predictions made just a few months ago, Saxo Bank Outrageous Predictions for 2017, which is a Forex industry annual tradition – has made a prediction that was triple the price at that time, which was thought to be outrageous. However, seeing that the ‘’outrageous’’ prediction was a $1000 less than the actual price is at this time. The $2000 price, was cleared in less than 6 months which was in itself unbelievable.
This upwards spiral doesn’t seem to have any real news behind the upward motion we are seeing, it seems it is driven by continuous speculation and rising interest as it now stands.
Considering all this, Saxo Bank analyst Kay Van-Petersen seems to think that Bitcoin will reach $100,000 price in the next 10 years, which is perhaps more outrageous that the previous predictions. However, seeing that this popular cryptocurrency has surpassed every expectation thus far, it will probably continue to do so.