Riding the Tides of Digital Currencies: Bitcoin at the Peak

For the past few years, one of the biggest story lines in the finance and investment industry has been the continued rise and fall of Bitcoin and other digital currencies. In 2017, investors in digital currencies such as Bitcoin saw prices increase substantially. In fact, Bitcoin ended up hitting a high point of over $20,000 per point. However, the price of the following ended up dropping considerably the next year as it fell to less than $6,000 per coin in early July 2018. Over the past year as Bitcoin has risen and fallen, so have the other digital currencies. Just like Bitcoin, Ethereum and many of the other alt coins also saw dramatic peaks in 2017 and declines in 2018. This showed that investors were either excited or nervous about the digital currency industry as a whole. This also showed that there was no true leader in the industry and that all of the coins were speculative in nature. If they were not speculative, you would have seen one coin end up doing much better than others. This has been a consistent concern for digital currency investors. During the week of July 22, the market value for a Bitcoin was a little bit above $7,500 per coin. This represented a very attractive 18% game in just over one week. While other coins typically would follow the same pattern, it has not taken place over the past week. In fact, Ethereum and some of the other alt coins have actually seen their prices either declined slightly or stay very stable. For those that are interested in investing in digital currencies, this is a very encouraging sign for Bitcoin. One of the biggest concerns about investing in any digital coin is that it remains to be seen which currencies will win out. While there are many different options today, most are bound to either be absorbed or eventually fizzle out. As Bitcoin continues to rise compared to the rest of the market, it is likely that the coin will eventually win out and be the ultimate winner in the digital currency industry.