Analysts have been extremely optimistic about bitcoin in 2018 for many reasons, mainly due to the rapid adoption of the cryptocurrency by major financial institutions such as the New York Stock Exchange (NYSE) and Chicago Board Options Exchange (Cboe), two of the largest stock markets and options exchanges in the global finance market.
As many billions of dollars in institutional money flow into the bitcoin market, analysts expect the market valuation of bitcoin to surge, potentially to the $1 trillion region, as sugged by billionaire investor Mike Novogratz and prominent financial analyst Max Keiser.
Currently, the main roadblock for bitcoin adoption and price recovery is said to be the scalability issues of the Bitcoin network. Although it still settles a volume of transactions in orders of magnitude larger than its competitors like Litecoin and Bitcoin Cash, its blockchain is congested and the transaction fees remain large.
In fact, ShapeShift, the SegWit-enabled cryptocurrency exchange, has recommended users to prevent exchanging bitcoin for an amount less than $250, due to the high fees.
If the Bitcoin network can be scaled efficiently in 2018 and the fees drop to less than $1, back to where it was earlier this year, bitcoin will likely be able to regain its dominance over the concurrency market.
Bitcoin Price Dips Below $13,000 Again, as Ripple Records Massive Gains
As many billions of dollars in institutional money flow into the bitcoin market, analysts expect the market valuation of bitcoin to surge, potentially to the $1 trillion region, as sugged by billionaire investor Mike Novogratz and prominent financial analyst Max Keiser.
Currently, the main roadblock for bitcoin adoption and price recovery is said to be the scalability issues of the Bitcoin network. Although it still settles a volume of transactions in orders of magnitude larger than its competitors like Litecoin and Bitcoin Cash, its blockchain is congested and the transaction fees remain large.
In fact, ShapeShift, the SegWit-enabled cryptocurrency exchange, has recommended users to prevent exchanging bitcoin for an amount less than $250, due to the high fees.
If the Bitcoin network can be scaled efficiently in 2018 and the fees drop to less than $1, back to where it was earlier this year, bitcoin will likely be able to regain its dominance over the concurrency market.
Bitcoin Price Dips Below $13,000 Again, as Ripple Records Massive Gains
