Bitcoin bounces back after falling over 16% from all-time highs to $50,407. On Friday, BTCUSD has already risen 4.4% and is trading around $53,500 at the moment.
Earlier this week, the largest cryptocurrency tumbled 7% because of individual investors’ waning interest. Some analysts suggest that the falling prices resulted from bitcoin options worth $5 billion expiring on Friday.
It is challenging to estimate where the right price could be. Unfortunately, the wild growth of BTC value is a threat to its playing the future global currency.
On Wednesday, Elon Musk tweeted Tesla is already accepting direct payments for their cars with Bitcoin. He also added that the company would store the cryptocurrency, not exchange it for fiat money.
Bitcoin skeptics noted that the Teslas are still going to be priced in USD as it is impossible to measure the value of goods and services with an asset so volatile as BTC.
Ethereum, which failed to establish a new historical record in March, has recently had a rough time. ETHUSD dropped to $1546 on Wednesday. Since then, it has risen back to $1624. Binance Smart Chain’s competition hit the Ethereum network but remains the most innovative environment. With so many projects being developed worldwide using ETH, the cryptocurrency price may explode at any time.
Litecoin may have a more hazy future. The cryptocurrency bounced back on Friday, but the downtrend on LTCUSD seems to be stronger as the pair lost over 21% since mid-March.
With Bitcoin gaining traction and popularity, we are going through a historic time for cryptocurrency trading. Make sure you make the most of it by trading PrimeBit P2P contracts.
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