Let’s get two things out of the way right now:
- I’m not Ms. Cleo.
- Bitcoin sure has been mentioned less frequently in recent weeks than it was in the third and fourth quarters of 2017.
While people can comfortably, reliably make livings off of financial markets of traditional instruments like bonds, stocks, and options, nobody can reliably do the same with Bitcoin, or any other cryptocurrency, for that matter.
I can say this with confidence – even though I’m not Ms. Cleo – because there is no possible means of reasonably predicting what the future of Bitcoin and company will bring. The fact that Bitcoin has been mentioned significantly less frequently in past weeks, as compared to the fourth quarter of 2017, indicates that investors aren’t as enthused with the novelty of Bitcoin right now as they have been in the past.
Bitcoin definitely isn’t a novelty, and is likely here to stay.
Let’s take a peek at a handful of statistics directly related to Bitcoin and its potential performance in 2018.
It Goes Up, And Up, And Up, And Up, And Down
Research on behalf of Statista led to a bitcoin price index, which simply is an unweighted average of bitcoin prices across some of the world’s most popular cryptocurrency exchanges.
Although some month-on-month results don’t line up exactly with this recognition, the bitcoin price index steadily rose upwards from January 2016 to January 2018. The largest drop came in December 2017, falling from a whopping $13,860 down to $10,166.
Observing rises and falls in any market is a good, natural sign. Now that the Bitcoin craze has died down substantially, the speculative bubble isn’t as large, nor will it exhibit a deafening “pop,” all thanks to natural ebb and flow in the bitcoin price index.
How High Can It Go?
First, here’s a disclaimer – nobody knows how high (or low) the price of bitcoin will travel in 2018.
With that being said, Kay Van-Peterson, one of many analysts at Sao Bank, believed bitcoin would surpass $2,000 at some point in 2017, a prediction she made in December 2016. Now, Ms. Van-Peterson believes that bitcoin has a solid chance at hitting a whopping $100,000 per unit at some point in 2018.
Kay Van-Peterson also foresees ethereum as likely to outperform bitcoin in 2018. This is because ethereum has solid leadership at its top levels, whereas bitcoin has absolutely zero cohesiveness atop its ranks – it actually has zero leaders, or structure, at all.
Either way, Kay and other experts foresee a positive year for cryptocurrencies, in general.
Researchers Grow Interest In Bitcoin
One reason why traditional financial markets are safe for investment is because they’ve been researched significantly. Overall interest in researching Bitcoin has risen significantly in recent years.
In 2009, just 83 papers on Google Scholar mentioned Bitcoin. In 2016, 5,470 articles mentioned the father of all cryptocurrencies. 2017 brought slightly more mentions of the cryptocurrency, though a count on December 19, 2017, wasn’t able to count the true number of mentions because peer-reviewed articles typically take months to find their ways into publication.
Bitcoin Is Up On The Past Week
Brave New Coin indicates the average price of Bitcoin throughout the seven-day period beginning February 14 and ending February 22 was $10,631.
This figure is up slightly more than 28 percent in terms of the average price of bitcoin in the week prior to the seven-day period between February 14 and February 22.
Get Ready To Laugh
With the oldest “death” recorded on December 15, 2010, it’s grossly apparent that nobody knows the future of the father of all cryptocurrencies.