With Bitcoin price reaching for the first time $10,000 on November 28, 2017 - I keep wondering - could we see Bitcoin double or even triple in value in 2018?
According to Coinmarketcap the price for bitcoin has gone up tenfold since the begging of 2017, trading high $1,003.08 on January 2017 and reaching $10,075.90 on November 28, 2017
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Bitcoin Year to date chart - January 1st - November 2017 (data source: Coinmarketcap.com)
Now, there is one approach we could try to apply and try to predict the future price of Bitcoin - using the total market capitalization of Bitcoin.
As of writing this article, the total market cap of Bitcoin is $168,861,518,975, while in January it was $15,491,200,000. That's the same tenfold increase
$168,861,518,975 / $15,491,200,000 = ~10.9
In order for Bitcoin to reach $30,000 value, the total market cap should increase three times:
$168,861,518,975 * 3 = $ 506,584,556,925
That's about a 500 billions of US dollars.
As the total market cap for 1324 cryptocurrencies currently listed on Coinmarketcap is about $ 311 billion at the end of November and Bitcoin dominance is about 54%, personally, I do believe that we could see Bitcoin double or even triple in 2018.
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The question is, will it actually happen so? Things could go completely wrong, major exchange hacks, governments outlawing cryptocurrencies and so on.
Remember - investments are risky, never invest more you can afford to lose.
Now, what do you think? Are we heading to Bitcoin price at $30,000 by the end of 2018? Or probably it's doomed to fail? Leave a comment!
