When it comes to investing in cryptocurrency, Bitcoin has long been the most sought-after and has cemented its position as the leader of the pack. After initially launching in 2009, it was met with much scepticism, with many serious traders quick to dismiss it as little more than a passing fad. But shortly afterwards, it made the headlines when many of the earliest investors became overnight millionaires as its value dramatically surged.
Since then, it has had its ups and downs, climbing to its loftiest ever heights and reaching $64,000 in April of this year before dramatically crashing by 50 per cent over the summer. But during the autumn, it has once again shown promise, with the current value now back up to $61,000 – and experts are predicting that it could surge as high as $100,000 by the end of the year. Even so, some say that it has come off the boil to some extent, falling back slightly from $67,000 earlier this month.
It’s Bitcoin’s volatile history that has made it a rather controversial topic in the world of trading, but there’s no denying that it has fast become one of the most popular investments amongst the younger generations. In fact, it has attracted a huge number of newbies to the stocks and shares market who otherwise might never have considered creating a portfolio, with everyone looking to get a slice of the action and hoping to make some substantial gains as a result.
Due to the dramatic increase in demand over recent years, we’ve seen a surge in the number of Bitcoin trading platforms and signalling software being made available to help green investors get started. The likes of Bitcoin Up and its competitors have reported huge growth over the past few years, with numbers peaking at the height of the pandemic as we looked for new ways to invest and grow our money.
And other cryptocurrencies have ridden the Bitcoin wave, too – with many of the younger and newer varieties, like Ethereum and, more recently, Dogecoin, enjoying a spike in interest as we look for other alternatives that might just follow it in reaching values many investors could have only ever dreamed of.
Ethereum, in particular, is a current topic of interest, having hit an all-time high of $4,507 earlier this week after adding around 140 per cent to its value over recent months. The second largest cryptocurrency after Bitcoin, it has certainly caught the attention of seasoned investors, with those who failed to buy early now considering just how long this impressive upward trajectory can continue.
When compared with Bitcoin, Ethereum, at present, is growing at a much faster rate, and the intensity of its journey is something that shouldn’t be overlooked. Despite the huge gains already made, many experts are predicting that prices could continue to surge well into December, with some suggesting that prices could top $5,000 by the end of the year. When compared with Bitcoin’s predicted $100,000, it might not seem like much – but when you consider the low prices many were able to snap Ethereum up for just last year, it’s easy to see how many stand to profit considerably.
Bitcoin’s meteoric growth, meanwhile, can be attributed in part to wider acceptance of the currency. The luxury industry, for one thing, is adapting quickly to allow clients with Bitcoin fortunes to complete transactions with them in Bitcoin – and these days, everything from lavish hotel stays to high-end supercars can be paid for using the leading digital currency in the world.
Add to that the newfound acceptance of Bitcoin on Wall Street, and it seems that Bitcoin’s star could continue to rise and rise – although, given its previous history, we can certainly expect one or two crashes in between. There is now growing speculation that, eventually, the original cryptocurrency could even replace gold as a digital store of value and inflation hedge – although just how likely this is to become reality still remains to be seen.
Whichever way you choose to look at it, one thing is for certain. Q4, and the year end, look set to be something of an extravaganza for crypto investors and traders alike, with many hoping to cash in as the likes of Bitcoin, Ethereum and other digital assets continue to surge in value.
Just how long this can continue is anybody’s guess – but as cryptocurrencies continue to become more widely accepted across the globe, the future certainly looks promising.
Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.
