More than its unit price against dollars, Bitcoin is of interest for reasons quite different from just speculative profits (or losses) from its infamously volatile movements.
First and foremost, the mathematical achievement of solving the “Byzantine General’s Problem” in the process of inventing the blockchain as Bitcoin’s underlying technology is Bitcoin’s most outstanding achievement.
At the same time, the economic potential opening up because of Bitcoin and this overall breakthrough in decentralization and organizational opportunity flowing from it is what really will matter in a greater context. Having a decentralized ledger is what makes worldwide Bitcoin transactions possible. It has also allowed setting up numerous other decentralized peer-to-peer Crypto coins. Roughly two hundred to three hundred coins similar to Bitcoin have come and gone as of this writing. These alternative or Alt coins use decentralized ledgers similar to Bitcoin’s blockchain. In the case of Alt coins, these are often called block indexes, and Alt coins use the same or one of a number of different encryption algorithms. The underlying technology of Alt coins is largely the same used in Bitcoin though. This entire enabling technology will prove to be a major enabler whose true potential has not even been realized by most people, including many Bitcoin aficionados. It holds the potential for directly bringing together random people from all corners of the world without any middleman (or institution) in order to engage in trade or any other form of exchange.
Once this truly powerful concept has been fully grasped by all involved in the Bitcoin and wider Crypto currency field, it will not really matter what the actual price of one Bitcoin in dollars or similar is at a particular date. True, early adopters of Bitcoin or other Crypto coin, more specialized for a certain use case, will profit from accompanying price increases if they manage to get in and out at the right time. In light of what an actually free market for worldwide exchange of value could mean, short-term profits may be a “nice thing” for sure, but the overall benefits to all present and future Crypto coin users will outweigh these by far.
Peercoin, the first proof-of-stake Crypto coin, is advancing further in price both in US dollar terms and against bitcoins.
Earlier today, peercoins traded over $.49 and around BTC .0012500 on many Crpyto coin exchanges, while briefly hitting 150’000 satoshis (BTC .00150000) on Malta-based Bitcoin exchange “The Rock”.
This development is quite in line with earlier expectations of Peercoin being under-valued (read our earlier report http://www.bitcoinfinancial.info/litecoin-and-peercoin-may-be-undervalued-now/ of 20 Feb 2016).
Peercoin had reached and exceeded the BTC .00150000 level briefly in January on Cryptsy before the troubled exchange’s breakdown, but that notation (topping at 159’0000 satoshis) had to be taken with a grain of caution. So whether or not the BTC .00150000 mark is of any technical significance may be uncliear in light of the nature of Cryptsy and the goings on around that outfit.
If today’s BTC .00150000 price at The Rock is exceeded, this would mark a possible breakout of Peercoin to the upside, a development that has gradually been preparing and building for Peercoin over the last few months.
The price of Bitcoin in US dollars is currently trading around a significant level. Bitcoin price history shows the rough $420 to $440 area to be a repeated level of support. Conversely, this level is now a rather strong line of resistance on Bitcoin’s renewed way up.
With a large flat-top triangle currently forming at this level, Bitcoin prices are preparing to rise more significantly. We may expect larger movements to the upside, once this level is cleared.
The price of Bitcoin to the US dollar and other paper currencies has been taking a breather during the last days, apparently in the wake of a technical short-term move to the upside in major stock markets.
Bitcoin and other Crypto coin prices powered ahead strongly during the first week of trading amidst uncertainties over stock prices and the worst start on record into a trading year for stocks. Particularly with stock investors in China fleeing the conventional markets and open to unconventional ones, Bitcoin and other Crypto coins were up quite significantly. Notably, this includes other Crypto coins than just Bitcoin and Litecoin like Peercoin, Dogecoin, and Earthcoin. The latter appears to grow into some kind of a darling among the Chinese and, as a result, has been moving quite in line with local developments there for the previous months and throughout several Asian stock market setbacks.
Bitcoin climbed back almost to its highs of late December 2015, but failed to jump over the current high around $463. Currently, the Bitcoin price appears to be waiting for fresh inputs from conventional markets and their fundamentals — mainly the likely negative ones that would propel the Crypto sector further into higher territory.
On this background, the remainder of the month may see some exciting developments for both conventional stock and foreign exchange markets and “alternative” investments as well.
The price of Bitcoin in US dollars has been picking up significantly again. The market price of the “original Crypto currency” has been hovering for months but was stable around $200, always clear of support around $180.
During the last weeks, bitcoins have been solidly advancing from $280 to more than $328 over the weekend. Weekends seem to be some kind of “high season” for amateur Crypto traders who appear to spend their free time glued to their screens and giving many Crypto currencies — beyond just Bitcoin itself — significant movements during these times.
Not that it mattered much for the overall idea of Crypto currency — but the price of Bitcoin is picking up very nicely again (and this time also quite solidly, without that infamous “volatility” the mass-media seems to “know” about BTC). With extra weekend-activity gone now, the latest reading for Bitcoin at Coinbase is still above $320.