This topic I am creating to keep on updating about the latest news of cryptocurrencies who love to trade cryptos rather than forex.
Finally, Bitcoin has crossed a price level of 4000 USD and now at the time of writing this post, the price is around 4300 USD per BTC which is absolutely insane. Just few weeks ago it was below 2000 USD and so it is a 100% gain in few weeks.
We love to trade cryptos because you can simply buy and hold the cryptos in your wallet and there is no question of margin call which generally happens in forex trading if price goes significantly against you. Almost any % gain is possible in cryptos which is absolutely impossible in forex and many people might have been struggling for years to achieve that % gains, but provided you don't day trade in cryptos.
As long as you have invested in some top cryptos there is no chance of price going to zero and hence, just need to hold and you are always safe as long as ONLY you have access to your wallet.
Anyone who loves to trade cryptos can make their views and update latest information about crypto market.
Bitcoin seems to oscillate around the price range of 4000 USD per BTC. I expect the price to reach 5000 USD within a couple of weeks, but of course there might be pull backs around 3500 USD before it reaches 5000 USD per BTC.
Etherium is the next competitor after Bitcoin and there are also so many altcoins rallying to reach near the top 10 coins. Currently, the total market capital is around 135 Billion USD with a 24 hours volume of 5 Billion per day which is of course a very small number compared to 5 trillion a day of forex market.
Finally, Bitcoin has hit 5000 USD per BTC as I posted in my previous post. Of course, a pull back has happened after it hit the 5000 USD resistance.
Now, 5000 USD will act as a support and I expect Bitcoin rate of increase to be accelerated at much higher rate in coming weeks with much higher range of daily volatility. It may vary around 1000 USD per day when it will cross 6000 USD or more.
By end of this year 2017 I expect the BTC price to be at least 10,000 USD per BTC if not higher. But it can be as high as 12,000 USD per BTC as well by end of December 2017.
I think the real key is making bitcoin easier to understand for the general public. If a regular person has to worry about security of wallets/exchanges/etc. then it will be hard for bitcoin to get broad circulation. But as any new technology it could take years to work the kinks out and really get the motor going. Here's an article related to this topic https://www.itrader.com/en/article/bitcoin-value
michalinaobrien posted: I think the real key is making bitcoin easier to understand for the general public. If a regular person has to worry about security of wallets/exchanges/etc. then it will be hard for bitcoin to get broad circulation. But as any new technology it could take years to work the kinks out and really get the motor going. Here's an article related to this topic https://www.itrader.com/en/article/bitcoin-value
Yes, you are correct. Many people just ignore Bitcoin assuming this as another virtual currency like perfectmoney owned by a company and people don't realize the difference between virtual currency and cryptocurrency.
Rather than just a currency, Bitcoin is the biggest and first example of a new technology by which money can be decentralised and not having any control by any particular government which is a very good thing for everyone. Following and imitating Bitcoin now hundreds of other cryptocurrencies are developed and now used as well, but only in specific countries and specific companies.
So even though Bitcoin may not be widely used, one of the other cryptocurrencies will take over the global market and may be within a matter of another 10 to 20 years the cryptocurrency market will compete with Forex market.
For storing cryptocurrencies like Bitcoin and Etherium I think hardware wallet 'Ledge Nano S' is the best though I never used it.
My next target for Bitcoin is to quickly reach to 8000 USD within next 1 to 2 months.
AmDiab posted: Crypto instruments are different from general trading instruments! Till now, many brokers don’t add this trading instrument into their platform! But I really appreciate your effort.
@AmDiab Please note that cryptocurrency trading is completely different than forex trading. So never try to margin trade or day trade cryptocurrency using a forex broker. The best way to make money from cryptocurrencies in long run is to buy the cryptocurrencies and keep it in a hardware wallet by exchange trading.
Of course, no one has to follow my advice and this is just my personal opinion that cryptocurrency should be traded only in exchange trading mode and not through margin trading due to high volatility and you can easily get stopped out no matter whatever is your stoploss since it varies upto 50% within a matter of few days or weeks.