Bitcoin $10,000 – Huge Volatility of Cryptocurrencies and Risky Fiat Making Gold Attractive
By: GoldCore
GoldSeek.com
Tuesday, 28 November 2017
– Bitcoin tops $10,000, soaring more than 850% since beginning of 2017
– Irrational exuberance arguably main driver of price performance
– Google Trends shows search for ‘Bitcoin Bubble’ hit highest level this morning
– Buyers need to be aware of hacking and security risks
– Other primary risks to widespread adoption is volatility and liquidity risk
– World’s largest online trading platform IG Markets suspends BTC trading
– Volatility of cryptocurrencies and risky world of fiat make gold attractive
Bitcoin topped $10,000 on some exchanges yesterday to much fanfare and animal spirits internationally.
With a 850% surge in less than a year, bitcoin has seen gains that are four times more than dot-com stocks gains at their height in the late 1990s. This is making the first and arguably the best cryptocurrency look like it is an ever-growing bubble which will no doubt hurt many speculative punters when it finally goes ‘pop’.
Bitcoin’s market cap is over $160 billion and more than that of General Electric, a company that has been in existence since 1892 and has nearly 250,000 employees.
When you look on Google Trends and see the search for ‘Bitcoin Bubble’ reach a peak as the price probes $10,000 then you know that many owners and non owners of the cryptocurrency are beginning to get worried. Although a contrarian might say that the widespread concerns of a bubble mean that we may be in the early stages of the bubble.
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