The past 24 hours have been great if you Bitcoin. The cryptocurrency sat fairly static over the past 12 months, but is now running up in value and fast.
At the time of writing (sure to be out of date by the time you read this, each Bitcoin is worth A$15,611.59.
This translates to more than 11% rise in 24 hours. Most other investment types could only dream of that kind of growth over a whole year. According to CoinmarketCap, this translates to an overall market cap of A$275.1B.
Alternative cryptocurrencies are also doing well, Ethereum, Ripple, Litecoin, Bicoin Cash, EOS are all up, not by as much as the OG, Bitcoin.
So what’s behind the latest increases? This is always the difficult thing to determine. While there’s often positive and negative press about Bitcoin that can influence trades, often its not based on technical reasons, but rather a feeling that the momentum is about to shift and people want to ride the wave to the top. Then its a game of knowing when to sell, switch to other currencies, or hold on for the long term.
Right now I own 0.0084 BTC worth around A$130.45. It’s a fun amount to watch but in no way is a serious investment. Over the years I mined a little using Nicehash to learn more about the process, back when GPU mining on a single PC was profitable, those days are long gone and also wanted to understand how the buying process worked, so I bought a massive A$11.51.
If you own Bitcoin, you’ll be very happy with the rise today, but the next question is, how high will it go and is it time to Lambo out yet? Like the stock market, there’s really no way of knowing. While there’s certainly signs, indicators, most of those look at past behaviour which is in no way a predictor of the future.
If you’re after some fun, take a visit to https://when-lambo.com/ which predicts that 1 BTC will be worth $424,845.00 by February 25th next year.. that’s when you can afford a Lambo, just got to get that Bitcoin first.
You can watch the madness play out on Twitter with the hashtag #BitcoinIsBack which is at the top of trends today.