As you may have guessed by now, I love cryptocurrency. The reason that I love it so much is that it has the ability to change the world. It has already started actually. I am doing my paradigm shift essay on the wonders of blockchain. The shift is on the current acceptance of cryptos and what they can do for the financial world.
However, today what I am going to be talking about is the recent news surrounding the “king crypto”: Bitcoin. My history with Bitcoin is a long one. I purchased Bitcoin minutes after I bought my first crypto XRP. That was back in 2015 before it hit its all-time highs. Since then I have increased my amount of XRP and held my Bitcoin constant. When it rose to all time highs I traded up and got more, so with the recent news I am very excited.
In the current day, Bitcoin has gone up over fifteen percent in the past twenty-four hours. This is pulling almost all of the cryptocurrency market up. What you may not know is that the cryptocurrency market is very closely tied to Bitcoin. When Bitcoin goes up, the whole market tends to trend upward. As I said in my past posts, cryptos usually tend to do good at the end of the year. Therefore, it is not a huge surprise that many of the cryptos are doing well.
The news that made Bitcoin increase so much is all time highs on Bitcoin futures. A future is a financial instrument that is a contract. It is a contract to buy or sell a specific asset at a future date at a certain price. These have hit all time highs for Bitcoin and the price targets that the contracts have are high. Therefore, this tends to make investors bullish. Bullish means that they think it will go up.
I really think cryptos will continue to go up for the foreseeable future. I would say they are a very good investment from now until the end of the year. However, Bitcoin may go down in the short term since it has gone up by so much in a single day. It may retract and then hit new highs as many cryptos do. I am excited to see what the end of the year will bring, as there are many regulations and company partnerships pending. I wish good luck to all parties, and I hope the next post will justify this optimism.
I am glad your bitcoin stocks are doing well. Personally, I did not think Bitcoin could be such a big investment and did not think it could be this long lasting. The whole cryptocurrency market is still somewhat confusing to me but since reading your post about it doing so well, I am interested to see how else it will develop in the future.