On December 17, 2017, Bitcoin reached an all-time high of $19,783.06 (£16,131.50) before plummeting to $13,800 (£11,252.80) on December 22. At the time of writing the cryptocurrency was priced at $10,331.11 (£8,453.95) – but soon it could see drastic highs according to cryptocurrency experts. Currently, the price of bitcoin is hovering in the region above the mid-$10,000 (£8,154.20) level.
Now, the top-ranked crypto has appeared range bound between $9,000 and $12,000 (£7,338.78 and £9,785.04).
However, an all-time high of $50,000 (£40,771.00) is not inconceivable according to cryptocurrency experts.
Joseph Denne, CEO and founder of Edge Network told Express.co.uk: “It is more than likely that we will see a new all time high in BTC value, and that this will occur within the next 12-24 months.
“The underlying technology is proven, and a fundamentally sound financial mechanism; the hash rate (the speed at which a compute is completing an operation in the bitcoin code) is at an all-time high; for the most part we have regulatory clarity (certainly in the UK); and the broader ecosystem is growing strongly, with new technologies and interfaces coming to market all of the time.
Bitcoin price news: Bitcoin could reach $50,000 sooner than 2020
“It’s also worth pointing out that only a small segment of the population currently hold Bitcoin.
“This is growing steadily, and more accessible methods of access are becoming available every day.
“The more people that hold bitcoin, the greater the value. And there’s a lot of room for growth.”
But what needs to happen for BTC to reach $50,000 (£40,771.00)?
It is a mixture of needing new investors, the global climate and the implementation of cryptocurrency in mainstream finance.
Bitcoin price news: Experts believe the cryptocurrency will beat its current all-time high
Simon Peters, analyst at eToro, the multi-asset investment platform, explained to Express.co.uk: “The first and most important factor that will determine whether bitcoin reaches $50,000 (£40,771.00) is adoption. Like other new technologies, bitcoin is following an adoption bell curve.
“Right now, it looks like we’re in the early adopter phase, with a small proportion of intrepid investors now heavily involved in the market. The next crucial step is to engage more mainstream audiences. However, a couple of things need to happen to get there.
“The first is that bitcoin, in fact, the whole crypto-asset industry, needs a regulatory framework that protects users and gives authorities the confidence to approve the kinds of financial instruments, such as a crypto-assets ETF (Exchange Traded Fund), that could bring more institutional investors to the market.
“Investing is often about confidence in taking different levels of risk, some of the risks that exist today for crypto-assets investors are tied to entirely avoidable bad practice in the industry. Regulation can change this and help make sure more investors are confident when buying bitcoin.
Bitcoin price news: $50,000 could be reached sooner than 2020
“The second thing that needs to be overcome to encourage further bitcoin adoption is advancements on the technological side. Today it is still too slow and expensive to use bitcoin as an alternative to other payment systems like Visa.
“There is good news here. Bitcoin developers are working on technologies like the Lightning Network, which significantly reduces the time and cost associated with making payments in bitcoin.
“Under this new system, transactions will take seconds and fees will be minuscule. This will make bitcoin a more attractive payment method for both consumers and retailers and could lead to much greater adoption across the board.
“We could soon well see the use of bitcoin to pay for online shopping, in much the same way that PayPal has become a favoured payment method on platforms like Amazon and eBay.
“Finally, like with any other asset, geopolitical situations, the state of the global economy, and other external factors can always affect the price of bitcoin.
“It’s already recognised that demand for bitcoin increases in countries where faith in the country’s currency is undermined. In theory, greater demand for bitcoin from economically weak countries could see the price increase.”