Even though a lot of investors are looking at ways to move funds out of bitcoin and into altcoins right now, one cannot deny the success bitcoin has had over the past few weeks. As we speak, the popular cryptocurrency is moving to set a new all-time high soon. While that should be cause for celebration, investors are not necessarily sharing this confidence by any means.
Bitcoin is On Track For A New ATH
That is by far the most important thing on people’s minds right now. Bitcoin has been very bullish over the past few weeks, despite a lot of exchanges being hit with deposit and withdrawal options. Moreover, Chinese exchanges have – for the most part – still frozen BTC withdrawals as well. A few years ago, this would have sent the bitcoin price crashing, but things are very different right now.
At the time of writing, one bitcoin is worth US$1,306, which is quite a leap compared to a few weeks ago. Although this should be plenty of cause for celebration, the average investor will merely shrug off this joyous occasion. After all, a lot of people are buying bitcoin to invest in altcoins right now, since most of these currencies have no direct fiat-to-crypto option. Even if they had, they are mainly traded on exchanges suffering from fiat currency deposit issues, making them inaccessible anyway.
There are still a lot of concerns regarding the Bitfinex exchange. Even though the company acknowledged the problem a while ago, many people in the bitcoin world still see the exchange as a liability. However, they are working on sorting the banking issues, which takes time. However, with other major exchanges suffering from similar issues, we are on the brink of creating a bitcoin bubble that can burst at any given moment.
Right now, it is virtually impossible to get a clear overview of the bitcoin market. All signs should point toward a price correction, yet the BTC value continues to climb without issues. This is quite similar to how Mt. Gox eventually collapsed a few years ago, although it is unfair to put Bitfinex at that level. The latter exchange is doing what they can to sort issues and there is no sign of malicious intent, unlike Mt. Gox. It is unclear how things will evolve where bitcoin is concerned, but there is plenty of reason for caution and concern right now.
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