Bitcoin yet again has managed to silence many of its naysayers and critics by reaching (briefly) the $5,000-mark last Saturday.
The currency peaked at $5,103.91 according to Coindesk, before a sudden sharp sell-off of the digital cryptocurrency sent it scurrying back down toward around the mid-4,000s.
Of course, $5,000 is a significant round number, and was at a level many investors seemed to have picked to start selling. Despite the sudden drop, virtually all investors in the Bitcoin market have remained extremely positive about future growth. And why wouldn’t they be. Back in January, Bitcoin traded for less than $1,000 a coin.
Despite fears that the currency could crash beyond repairable levels due to an apparently looming civil war in the community, that never materialised, and the subsequent hard fork to Bitcoin Cash, all pending disasters for the digital currency have at worst, been minor blips in the road.
In the mid to long term period, most cryptocurrency investors also still expect Bitcoin to outperform other cryptocurrencies, ‘real money’ fiat currencies and stock markets generally, with some saying that $10,000 or $20,000 highs are entirely conceivable in the near future. And why wouldn’t there be.
747 jets full of graphics cards
Only last month, news sites across the world reported how some cryptocurrency miners were hiring 747 jets for the sole purpose of importing the latest graphics cards. Ethereum miners are still paying ridiculous sums of money to increase the processing power of their mining operation, and according to one source have even resorted to hiring Boeing 747s to fly the AMD graphics cards to their locations to get a jump on their rivals, as quickly as possible.
Other crypto currencies
The news for other cryptocurrencies still languishing in the shadow of Bitcoin, life was not as rosy. Long term investors, though are still remaining positive. Ethereum traded on Monday down 20% from $391 on Friday, at around $312. Similarly, Litecoin was down around 23% during the same time.